Cano Health changes $100 million term loan issue price to par

By Sara Rosenberg

New York, Sept. 23 – Cano Health LLC revised the issue price on its fungible $100 million incremental covenant-lite first-lien term loan (B2/B) due November 2027 to par from 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 stable 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.

Recommitments were scheduled to be due at 11 a.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.

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