U.S.-based physician services provider Team Health Holdings, Inc., through its subsidiary, Team Health, Inc., refinanced its existing senior secured Term Loan (tranche B) at $1.312bn. The transaction was led by JP Morgan.
Interest rate on the amended Term Loan was Libor plus 3.00% from LIBOR plus 3.75% (floor of 75 basis points).
The loan matures on 23 November 2022. The issuance reduces the company’s annual cash interest payments by approximately $9.8m.