CareCore talks $390 million credit facility at Libor plus 450-475 bps

By Sara Rosenberg

New York, Jan. 29 - CareCore National LLC launched on Wednesday its $390 million credit facility (B2) with price talk of Libor plus 450 basis points to 475 bps, according to a market source.

The facility consists of a $75 million revolver and a $315 million term loan, the source said.

The term loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the revolver has a 100 bps upfront fee, the source continued.

RBC Capital Markets, Fifth Third Bank and GE Capital Markets Inc. are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to help fund the buyout of the company by General Atlantic LLC.

Commitments are due on Feb. 11, the source added.

CareCore is a Bluffton, S.C.-based provider of specialty benefits management services to managed care organizations, self-insured entities and risk-bearing provider organizations.

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