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MedAssets Closes Debt Refinancing, Lowering Interest Rate

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MedAssets, Inc. (NASDAQ: MDAS) announced the completion of a new $750 million senior secured credit facility. Proceeds were used to extinguish the Company's existing $484 million Term Loan B due 2016 and $150 million revolving credit facility due 2015, of which $90 million was outstanding, and to pay related fees and expenses.

The new senior secured credit facility consists of: a $300 million, 7-year Term Loan B bearing interest at LIBOR plus 2.75 percent subject to a 1.25 percent LIBOR floor; a $250 million, 5-year Term Loan A bearing interest at LIBOR plus 2.50 percent; and, a $200 million, 5-year revolving credit facility bearing interest at LIBOR plus 2.50 percent, of which $50 million was drawn at closing. In addition, the Company terminated forward interest rate swaps associated with the indebtedness that was refinanced.

Posted-In: News Financing


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