Bank One has been mandated to lead arrange a $350 million credit facility for Chicago-based Health Care Service Corp., also known as Blue Cross and Blue Shield of Illinois.
The facility comprises a 364-day $250 million revolver, convertible into a two-year term loan, priced at a facility fee of eight basis points and a five-year $100 million revolver priced at a facility fee of 10 basis points.
All-in pricing on both tranches is Libor plus 37.5 basis points. In addition, a step-up usage fee of five basis points will be charged on drawings of greater than one-third and a step-up usage fee of 7.5 basis points will be charged on drawings of greater than …
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