Physician Partners prices $150 million term loan at SOFR plus 550 bps

By Sara Rosenberg

New York, Oct. 11 – Physician Partners LLC (Better Health Group) priced on Wednesday a non-fungible $150 million senior secured incremental covenant-lite first-lien term loan B due Dec. 23, 2028 (B2/B+) at SOFR plus 550 basis points with a 0.5% floor and an original issue discount of 95, according to a market source.

The incremental term loan has 101 soft call protection for six months, amortization of 1% per annum and 0 bps CSA, the source said.

Morgan Stanley Senior Funding Inc., Truist Securities and UBS Investment Bank are the bookrunners on the deal. UBS is the administrative agent.

Proceeds will be used for general corporate purposes.

Closing is expected during the week of Oct. 16.

Physician Partners is a Tampa, Fla.-based primary care physician group and managed service organization.

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