Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for Paradigm Outcomes > News item |
Paradigm Outcomes to launch $247 million credit facility on Tuesday
By Sara Rosenberg
New York, May 11 – Paradigm Outcomes (Paradigm Acquisition Corp.) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $247 million credit facility, according to a market source.
Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.
The facility consists of a $25 million revolver and a $222 million seven-year covenant-light first-lien term loan, the source said.
Price talk on the term loan is Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, the source said.
The term loan has 101 soft call protection for six months.
Proceeds will be used to help fund the buyout of the company by Summit Partners LP from Lightyear Capital.
Commitments are due on May 26, the source added.
Paradigm is a Walnut Creek, Calif.-based provider of catastrophic and complex case management for the workers’ compensation industry.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.