Press Ganey prices $400 million incremental first-lien loan at SOFR plus 375 bps at 99.05

By Paul A. Harris

Portland, Ore., Feb. 18 – Press Ganey (Azalea TopCo Inc.) priced its non-fungible $400 million incremental first-lien term loan B due July 25, 2026 (B2/B-) with a SOFR+CSA plus 375 basis points spread atop a 0.75% floor at OID 99.05, according to a market source.

The deal allocated on Thursday.

The discount came near the cheap end of the 99 to 99.5 price talk.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has 101 soft call protection for six months.

Barclays, Goldman Sachs Bank USA and BMO Capital Markets are the bookrunners on the deal. Barclays is the administrative agent.

Commitments were due at noon ET on Feb. 17, the source added.

Proceeds will be used to help fund the acquisition of Forsta, a provider of insight and analytics software and services to enterprise customers and market research professionals.

Press Ganey is a provider of patient experience analytics and performance improvement solutions to health care organizations, delivered through a proprietary software suite.

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