GHX in Repricing and Upsizing of Credit Facility

Cleary Gottlieb represented Global Healthcare Exchange (GHX) in the repricing and upsizing of its existing first-lien term loan credit facility.

The transaction reduced the applicable margin used in calculating the interest rate for SOFR-based loans from 475 basis points to 400 basis points and increased the initial term loan facility by $21.38 million, from $725 million to $746.38 million.

The proceeds of the transaction were used to refinance in full its outstanding term loans under its first-lien credit agreement, repay outstanding borrowings under its first-lien revolving credit facility, and pay related fees and expenses. The transaction closed on February 21, 2024.

Founded in 2000 and headquartered in Louisville, Colorado, GHX has employees in the United States, Canada, and Europe, and operates the world’s largest health care trading network, which connects tens of thousands of health care organizations across the globe. Cleary previously represented GHX in its 2020 acquisition of Lumere, as a result of which GHX also operates the largest unified data core of item, vendor, transaction data, and clinical evidence; its 2022 acquisition of Syft, an inventory management tool; and its 2023 acquisition of Prodigo, a supply chain marketplace and exchange software solution.

GHX is a portfolio company of Temasek, an investment company based in Singapore. Warburg Pincus is also a significant minority owner of GHX.