Medspace closed a senior secured term loan facility of $165 million and a revolving credit facility of $150 million with Wells Fargo as administrative agent.
Wells Fargo Bank also acted as L/C issuer, and PNC Bank acted as lender, swingline lender, L/C issuer and syndication agent. Bank of America and JPMorgan Chase acted as co-documentation agents. Wells Fargo Securities, PNC Capital Markets, Merrill Lynch, Pierce, Fenner & Smith and JPMorgan Chase acted as joint lead arrangers and joint bookrunners.
Proceeds from the senior secured term loan facility were used to repay and extinguish Medspace’s obligations under its existing senior secured credit facilities and pay any related fees, costs and expenses.
The credit facilities are guaranteed by the parent guarantor and its material, direct or indirect wholly owned domestic subsidiaries, with certain exceptions, including where providing such guarantees is not permitted by law, regulation or contract or would result in adverse tax consequences. All of the obligations under the senior secured credit facilities are secured by substantially all of the assets of the borrower and each guarantor.