29 Jan, 2021

Zelis Healthcare wraps $1.485B term loan repricing; terms

Zelis Healthcare Inc. has completed the repricing of its $1.485 billion covenant-lite first-lien term loan due September 2026 that priced tight of talk at L+350, with a 0% Libor floor and an issue price of par via a Morgan Stanley-led arranger group, according to sources. The transaction lowers the spread of the term loan from L+475, with a 0% floor. The borrowers are Zelis Payments Buyers Inc. and Zelis Cost Management Buyer Inc. Bedminster, N.J.-based Zelis Healthcare is a healthcare information technology company that provides healthcare claims and payment management services. Terms:

Borrower Zelis Healthcare
Issue $1.485 billion first-lien term loan
UoP Repricing
Spread L+350
LIBOR floor 0%
Price 100
Tenor September 2026
YTM 3.78%
Four-year yield 3.78%
Call protection 101 soft call reset for 6 months
Corporate ratings B/B2
Facility ratings B/B2
Recovery ratings 3
Financial covenants None
Arrangers MS/Antares/CS/DB/GS/Jeff/UBS
Admin agent MS
Px Talk L+375-400/0%/100
Sponsor Parthenon Capital/Bain Capital
Notes