Dedalus offers price talk for €150M term loan add-on

Price guidance on the €150 million add-on to Dedalus Italia SpA's E+375 term loan due May 2027 is out at 99.5, following a lender call earlier this afternoon. Replies are due at 11 a.m. London time on Nov. 25 via bookrunners BNP Paribas, UBS and UniCredit.

Talk suggests a yield of 3.66%, and the deal will bring Dedalus' loan to €1.16 billion. Proceeds will support recent acquisitions, repay revolver drawings and put cash on the balance sheet. Existing ratings are B/B2/B+ for both issue and issuer with a 3 recovery rating.

Dedalus originally agreed to a €680 million term loan in July 2020 to support the Ardian-backed group's roughly €1 billion carve-out of Agfa-Gevaert's healthcare-software business. The firm then followed with add-ons of €240 million and €90 million to support the acquisition of DXC Technology's healthcare business in Helsinki and to refinance debt and partially fund the acquisition of OSM, respectively. With the latest add-on in June, the term loan was repriced to E+375 with a 0% floor from E+450.

Dedalus provides healthcare information as well as clinical and administrative software services, to hospitals, clinics, laboratories and medical practices.