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Help at Home firms $515 million term loan at Libor plus 500 bps
By Sara Rosenberg
New York, Oct. 22 – Help at Home LLC (HAH Group Holding Co. LLC) finalized pricing on its $515 million seven-year first-lien term loan (B1/B-) at Libor plus 500 basis points, the high end of the Libor plus 475 bps to 500 bps talk, according to a market source.
Furthermore, the 101 soft call protection on the first-lien term loan was extended to one year from six months, the source said.
As before, the first-lien term loan has a 25 bps step-down at 3.5x first-lien secured leverage and a 25 bps step-down following the consummation of a qualified public offering, a 1% Libor floor and an original issue discount of 98.5.
Earlier in syndication, the first-lien term loan was upsized from $440 million as plans were terminated for a $75 million first-lien delayed-draw term loan with three months availability.
The $819 million of credit facilities also include a $74 million five-year revolver (B1/B-), a $65 million first-lien delayed-draw term loan (B1/B-) with 24 months availability and a $165 million privately placed eight-year second-lien term loan (Caa1/CCC).
The delayed-draw term loan has a ticking fee of half the spread from days 46 to 90 and the full spread thereafter, and an original issue discount of 98.5.
Jefferies LLC, Barclays, BMO Capital Markets and UBS Investment Bank are the lead arrangers on the deal.
Proceeds will be used to help fund the acquisition of the company by Centerbridge Partners and the Vistria Group.
Help at Home is a Chicago-based provider of home care and support to the elderly and people with disabilities in their homes and community-based settings.
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