Cano Health LLC wrapped its $655 million of first-lien term loan financing at pricing that was finalized tight of talk via sole lead arranger Credit Suisse. The loan is issued as a $655 million strip consisting of a $480 million funded term loan and a $175 million delayed-draw tranche. Pricing for the seven-year covenant-lite term loan is L+475, with a 0.75% Libor floor and an original issue discount of 99. There is a 25 basis points margin step-down upon closing of a special purpose acquisition company transaction and a 25 bps margin step-down at B/B2 corporate credit ratings with stable outlooks. Proceeds from the transaction will be used to refinance existing debt and to fund a $100 million shareholder distribution. Financing will also include a $30 million revolving credit facility.

Cano on Nov. 12 announced a definitive merger agreement with blank-check company Jaws Acquisition Corp. The company plans to use a portion of the proceeds from that transaction to repay debt. Following the merger, Cano will be listed on the New York Stock Exchange under the ticker symbol CANO. Cano Health, based in Miami, owns and operates healthcare centers and pharmacies and provides medical, dental and urgent care, an in-house laboratory, and specialty services. The company is currently backed by InTandem Capital Partners. Terms: