Press Ganey Holdings, Inc. announced the closing of a new $260 million credit facility. The new credit facility includes a $185 million term loan and a $75 million revolving credit facility. Proceeds from the new term loan were used to repay and terminate the existing credit agreement, consisting of a $183 million term loan and an undrawn $30 million revolving credit facility. Outstanding balances on the new credit facility will be due upon maturity in July 2020.

Under the new credit agreement, interest accrues on outstanding borrowings on the term loan and revolver at LIBOR plus an applicable margin, ranging from 1.50% to 2.25%.

The new credit agreement contains certain restrictive and financial covenants with which the company must comply on a quarterly basis, including a maximum secured net leverage ratio, as defined.

Press Ganey Holdings is a leading provider of patient experience measurement, performance analytics and strategic advisory solutions for health care organizations across the continuum of care. Celebrating 30 years of experience, Press Ganey is recognized as a pioneer and thought leader in patient experience measurement and performance improvement solutions.