Citigroup dropped pricing on the revolver and term loan "B" of Emdeon Business Services last Thursday. The bank is looking to take it to LIBOR plus 2% from LIBOR plus 2 1/2% and is also adding 101 soft call protection to the "B" loan.
The financing consists of a $50 million revolver and a $755 million "B" loan. Citigroup, Deutsche Bank and Bear Stearns brought the deal to market in the fall to allow General Atlantic to acquire a 52% interest in Emdeon's business services segment in a transaction valued at about $1.5 billion (CIN, 10/27). The financing did so well the first time, pricing was cut during initial syndication (11/13).
Emdeon Corp., formerly WebMD Corp., offers various services that link the public with health care information. Its business services group helps automate administrative tasks such as patient billing and helps doctors manage lab results. Tim Sayre, treasurer, was out of the office and could not be reached.