(Updates with debt distribution date in third paragraph)
Oct. 11 (Bloomberg) -- Emdeon Inc., the provider of billing systems and software for health-care companies, moved up the commitment deadline for a $1.2 billion term loan B it’s seeking to finance the company’s buyout by Blackstone Group LP, according to a person with knowledge of the transaction.
Investors have until Oct. 13 at 12 p.m. in New York to submit commitments, said the person, who declined to be identified because the terms are private. The Nashville, Tennessee-based company was originally seeking responses by Oct. 14.
Bank of America Corp., Barclays Plc, Citigroup Inc., Goldman Sachs Group Inc. and SunTrust Banks Inc. are arranging the deal, the person said. The banks plan to distribute the debt to investors Oct. 14. The deal is expected to close and fund the week of Oct. 31.
Emdeon is also seeking a $125 million revolving line of credit maturing in five years.
Christine Anderson, a Blackstone spokeswoman, declined to comment. Amanda Woodhead, an Emdeon spokeswoman, didn’t respond to an e-mail seeking comment.
A term loan B is mainly bought by non-bank lenders such as collateralized loan obligations, bank-loan mutual funds and hedge funds. In a revolving credit, money can be borrowed again once it’s repaid; in a term loan, it can’t.
--Editors: Chapin Wright, Faris Khan
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