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Ciox Health launches $670 million term loan at Libor plus 425-450 bps
By Sara Rosenberg
New York, June 24 – Ciox Health (CT Technologies Intermediate Holdings Inc.) held a lender call at 12:30 p.m. ET on Thursday to launch a $670 million covenant-lite first-lien term loan (B3/B-) due December 2025 that is talked at Libor plus 425 basis points to 450 bps with a 0.75% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Credit Suisse Securities (USA) LLC is the lead arranger on the deal.
Commitments are due at 5 p.m. ET on June 29, the source added.
Proceeds will be used to reprice an existing term loan down from Libor plus 500 bps with a 25 bps step-down at 3.7x total net leverage and a 1% Libor floor.
Ciox, formerly known as HealthPort, is an Alpharetta, Ga.-based provider of tech-enabled clinical data exchange services.
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