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Signant lifts funded term loan to $980 million, cancels delayed-draw
By Sara Rosenberg
New York, April 27 – Signant Health (Bracket Intermediate Holding Corp.) upsized its funded five-year first-lien term loan to $980 million from $850 million and terminated plans for a $130 million delayed-draw first-lien term loan, according to a market source.
The change was made “due to operational dynamics with cashless rolling into a delayed-draw term loan,” the source said.
Talk on the term loan is SOFR+10 basis points CSA plus 500 bps with one 25 bps leverage-based step-down, a 0.5% floor, an original issue discount of 96.5 and 101 soft call protection for six months.
The delayed-draw term loan was going to be available for six months and had ticking fees of half the margin for days 46 to 90 and the full margin thereafter. Signant was going to pay half of the original issue discount on the delayed-draw term loan at close and the other half at funding.
The company’s $1.06 billion of credit facilities also include an $80 million revolver.
Jefferies LLC and Antares Capital are the bookrunners on the deal.
Commitments are due at 2 p.m. ET on Tuesday.
Proceeds will be used to refinance the company’s existing debt. Also, in place of the delayed-draw term loan, the company will place the funded $130 million in a segregated account at close, for the purpose of a near-term potential acquisition under a letter of intent. In the event the acquisition does not close, the company will have six months from the closing date to use the funds on another acquisition or can repay it in full.
Signant is a Blue Bell, Pa., provider of clinical research technology and solutions for clinical trials.
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