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LPC: WebMD acquisition to be backed by US$1.7bn loan package

Reuters

By Andrew Berlin

NEW YORK, July 25 (Reuters) - US online health publisher WebMD Health Corp’s acquisition by KKR & Co-backed Internet Brands will be financed in part by an all-loan debt structure led by Credit Suisse, according to three sources familiar with the matter.

The financing will total US$1.7bn and be structured as a US$1bn add-on to Internet Brands' existing first-lien loan and a new US$700m second-lien tranche, two of the sources said. RBC Capital Markets may join the underwriting group, the sources said.

Credit Suisse, KKR and RBC declined to comment.

WebMD on Monday announced it has entered a definitive agreement to be acquired by KKR’s online media and software services portfolio company Internet Brands in a transaction valued at roughly US$2.8bn. KKR will pay $66.50 per share, a premium of 20.5% to the Friday closing price of WebMD's stock.

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WebMD’s websites include WebMD.com, Medscape.com, MedicineNet.com, eMedicineHealth.com, RxList.com and OnHealth.com. Internet Brands focuses on automotive, health, legal and home/travel content and products. Its health websites include DentalPlans.com, VeinDirectory.org and AllAboutCounseling.com.

Internet Brands began operating in 1998 as CarsDirect.com and rebranded in 2005. KKR acquired the company in June 2014 for US$1.1bn. (Reporting by Andrew Berlin; Editing By Jon Methven)