Emdeon Sets Rate On $1.2B Loan For LBO

Billing system and software provider Emdeon has fixed the initial interest rate on a $1.2 billion term loan B that it requires to finance its leveraged buyout by Blackstone Group.

Billing system and software provider Emdeon has fixed the initial interest rate on a $1.2 billion term loan B that it requires to finance its leveraged buyout (LBO) by Blackstone Group, Bloomberg reports. The seven-year loan will pay 5.5 percentage points to 5.75 percentage points more than the London interbank offered rate.

The deal, likely to close later this month, has been arranged by Bank of America Corp., Barclays, Citigroup, Goldman Sachs Group and SunTrust Banks. Emdeon is also looking for a $125 million revolving credit facility maturing in five years.

Click here for the story from Bloomberg.