IKS in talks for $675 mln loan to fund TruBridge acquisition

Mumbai: Mumbai-based Inventurus Knowledge Solutions (IKS) is in advanced talks to raise a $675 million offshore loan to fund its proposed acquisition of US-listed TruBridge, according to people aware of the development. The loan is being arranged by a consortium of Citigroup, JPMorgan Chase and Deutsche Bank, with each lender expected to underwrite $225 million. The facility is likely to be priced at around SOFR plus 275 bps and could be signed this week, they said.

ET had reported on April 13 that IKS was evaluating the acquisition of TruBridge, a Nasdaq-listed healthcare IT and revenue cycle management company. The proposed all-cash transaction would be the company's largest acquisition to date. The loan will be syndicated to a wider pool of lenders, including Indian and foreign banks, after initial underwriting, sources said. "The deal will be distributed across a set of lenders post-signing," one person aware of the discussions said. "The pricing of around 275 bps over SOFR reflects relatively tight spreads for a transaction of this size, though final terms could be adjusted depending on syndication demand."