UBS slugs away on Virtus Health funding package

Virtus Health was hotly contested between CapVest and BGH Capital. Underwriter UBS can’t say the same about the debt BGH Capital finally used to execute its winning bid.The subject is the $495 million debt funding package that UBS underwrote for BGH Capital’s takeover of Virtus Health back in July.

The bank’s version is that the Virtus loan was done as a standard two-part syndication process, of which it had already ticked off the first leg. It reckons while every syndication was more “protracted” than usual given market conditions, it was on track to get it done. However, it wouldn’t say how much of the debt had been matched to investors so far.

BGH Capital pulled ahead of rival bidder CapVest in early June. Later in July, UBS flexed pricing, lowered leverage and reduced the deal size in response to investors asking for better pricing and terms.

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