Ingenovis Health sets Nov. 30 call to launch $100M add-on term loan for M&A

Lead arrangers Citizens Bank and UBS have scheduled a lender call for 1 p.m. ET on Nov. 30 to launch a $100 million incremental first-lien term loan for Ingenovis Health Inc., according to sources.

Price talk is not yet available, but the add-on will be fungible with the issuer's existing covenant-lite first-lien term loan due March 2028 that is now priced at L+375, with a 0.75% Libor floor, after initially pricing at a spread of L+425 in March. There will be no call protection.

Proceeds from the deal will be used to finance an acquisition. The term loan totaled $525 million when it was originally placed in March to back the buyout of Trustaff Management Inc. as well as Fastaff Travel Nursing and U.S. Nursing Corp. by Cornell Capital and Trilantic North America. The borrower was previously CCRR Parent Inc.

Ingenovis provides traditional travel nurse, rapid response and strike preparedness staffing services to a broad base of healthcare facilities, including hospitals, medical centers and seniors living facilities in the U.S.