Pediatric Associates cuts term loan to $100 million, widens pricing

By Sara Rosenberg

New York, May 24 – Pediatric Associates downsized its non-fungible incremental first-lien term loan (B2/B) due December 2028 to $100 million from $125 million and increased pricing to SOFR plus 450 basis points from talk in the range of SOFR plus 375 bps to 400 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 96 from 97, the source said.

The term loan still has CSA of 11 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate, a 0.5% floor, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA is the sole lead arranger on the deal.

Recommitments were scheduled to be due at 3 p.m. ET on Wednesday, the source added.

Proceeds will be used for general corporate purposes, including to fund future acquisitions and to pay transaction fees and expenses.

TPG Capital and Summit Partners are the sponsors.

Pediatric Associates is a pediatric physician group, offering primary and specialty care, laboratory, diagnostic and care management services, as well as 24/7 telehealth access.

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