OPCH - Option Care Health issues $250M in additional first lien term loans

Simplifying its capital structure and reducing its cash interest burden, Option Care Health (OPCH) successfully issued $250M in additional first lien term loans, the proceeds from which were used to fulfill $246M remaining outstanding balance of the company's second lien notes.Additional first lien term loans terms including the maturity date of August 2026, are consistent with the company's existing first lien credit agreement.Currently, existing first lien term loans bear interest at Libor plus 4.25%; however, subsequent to the effective date of the incurrence of the incremental term loans, all first lien term loans will bear interest at Libor plus 3.75%.Interest rate on the extinguished second lien notes was Libor plus 8.75%.1Q21 financials will indicate the additional first lien term loan issuance and related retirement of second lien notes; earnings scheduled for Feb.4 release.

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Option Care Health issues $250M in additional first lien term loans