CenseoHealth flexes $260 million term loan to Libor plus 500 bps

By Sara Rosenberg

New York, Dec. 15 – CenseoHealth/Advance Health (Chloe Ox Parent LLC) reduced pricing on its $260 million seven-year covenant-light first-lien term loan to Libor plus 500 basis points from Libor plus 525 bps, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $295 million of credit facilities (B) also include a $35 million revolver.

UBS Investment Bank and Deutsche Bank Securities Inc. are the lead banks on the deal.

Recommitments were scheduled to be due at 4 p.m. ET on Friday, the source added.

Proceeds will be used to help fund the buyout of CenseoHealth LLC and Drynachan LLC (Advance Health) by New Mountain Capital for a combined $565 million in enterprise value.

CenseoHealth is a Dallas-based provider of in-home health assessments conducted by physicians. Advance Health is a Chantilly, Va.-based provider of managed care prospective health solutions.

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