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Genoa sets price talk in $420 million term loans, moves up timing
By Paul A. Harris
Portland, Ore., April 7 – Genoa, a QUO Healthcare Co., LLC set price talk for its $420 million credit facility, according to a market source.
A $265 million seven-year first-lien covenant-light term loan is talked at Libor plus 425 basis points with a 1% Libor floor at 99. It comes with six-month soft call protection at 101.
A $155 million eight-year second-lien covenant-light term loan is talked at Libor plus 850 bps with a 1% Libor floor at 99, with hard calls at 102 in year one and 101 in year two.
The commitment date was moved ahead to April 17 from April 21.
Credit Suisse Securities (USA) LLC is leading the $470 million facility, which also includes a $50 million revolver.
Credit ratings remain to be determined.
Proceeds will be used to fund the LBO of the Gresham, Ore.-based behavioral health specialty pharmacy company by Advent International and Nautic Partners.
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