InnovaCare launches $100 million incremental term loan at 99-99.5 OID

By Sara Rosenberg

New York, Dec. 8 – InnovaCare (MMM Holdings LLC) was scheduled to hold a lender call at 2:30 p.m. ET on Tuesday to launch a fungible $100 million incremental first-lien term loan due December 2026 that is talked with an original issue discount in the range of 99 to 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 575 basis points with a 1% Libor floor, in line with existing term loan pricing.

The incremental term loan has 101 soft call protection through Dec. 26, 2020 and amortization of 5% per annum.

Expected term loan ratings are B1/B+.

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

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to fund tuck-in acquisitions.

InnovaCare is a Fort Lee, N.J.-based vertically integrated health care platform.

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