Cano Health launches $100 million incremental term loan at 99.5 OID

By Sara Rosenberg

New York, Sept. 21 – Cano Health LLC held a lender call at 10 a.m. ET on Tuesday to launch a fungible $100 million incremental covenant-lite first-lien term loan (B2/B) due November 2027 that is talked with an original issue discount of 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 450 basis points with a 25 bps step-down at B2/B ratings and a 0.75% Libor floor, in line with existing term loan pricing.

The incremental term loan has 101 soft call protection through Dec. 29.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at 5 p.m. ET on Wednesday, accelerated shortly after the call from 5 p.m. ET on Thursday, the source added.

Proceeds will be used with $300 million of senior notes to refinance a senior unsecured bridge loan and add cash to the balance sheet.

Cano Health is a Miami-based tech-powered, value-based care delivery platform.

© 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.