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One Call Said to Seek $1.25 Billion of Loans for Apax Buyout

One Call Care Management, a provider of medical services, is seeking $1.25 billion of loans to support its acquisition by Apax Partners LLP, according to a person familiar with the transaction.

Opal Acquisition Inc., the borrower, is seeking an $825 million, seven-year first-lien term loan and a $420 million, second-lien portion that comes due in eight years, said the person, who asked not to be identified because terms aren’t set.

Bank of America Corp., Royal Bank of Canada, Morgan Stanley, Deutsche Bank AG and Guggenheim are arranging the financing and will host a lender meeting at 10 a.m. on Nov. 12 in New York, the person said.

Apax agreed to acquire One Call from Odyssey Investment Partners LLC, its controlling stockholder, according to an Oct. 25 statement distributed by PR Newswire. In December 2009, Odyssey acquired One Call Medical, which was merged with MSC Care Management in August 2012 to form One Call Care Management, according to the statement.

Proceeds of the loan, with $1.2 billion of equity, will fund the acquisition, the person said. The transaction is expected to close this quarter.

First-lien debt is repaid first in a bankruptcy or liquidation, second-lien debt is repaid next.

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