Bank Loan Report, Vol. 12, No. 44

Banque Nationale de Paris has sent books out on a $57 million credit facility for Managed Healthcare Associates, a source close to the deal said.

The deal consists of a four-year $12 million senior A-term loan, a four-year $8 million working capital revolver and a six-year $37 million B-term loan.

The A-term loan and revolver are both priced at Libor plus 275 basis points, while the B-term loan is priced at Libor plus 325 basis points. There is a 50 basis point commitment fee on the revolver.

Proceeds from the transaction will be used to back the company's recapitilization, which is being sponsored by Advent International.

Closing leverage is reported to rest at 3.4% as defined by the senior funded-debt-to-Ebitda ratio.

A bank meeting is scheduled for Nov. 6 in New York, and commitments are due Dec. 2.

Managed Healthcare, based in Florham Park, N.J., is a group purchasing organization serving the long-term care pharmacy market.

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