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Acadia Healthcare bonds and loans expected to launch in January
By Paul A. Harris
Portland, Ore., Jan. 7 – Acadia Healthcare Co. Inc. is expected to launch an up to $955 million incremental senior secured term loan B and $390 million of senior notes in January, according to an investor.
The loan is expected to kick off during the middle part of the month, and the bonds are expected to follow late in the month, the investor said.
The Franklin, Tenn.-based provider of inpatient behavioral health care services is coming to the leverage markets to get financing for its acquisition of Priory Group, a provider of behavioral health care services in the United Kingdom.
Bank of America Merrill Lynch and Jefferies Finance LLC are the leads on the debt.
The bonds are backed by a $390 million senior unsecured increasing rate bridge loan.
Under the agreement, Acadia will issue the seller 5,363,000 shares of common stock and pay cash consideration of about £1,275,000,000 for Priory.
Of the cash amount, about £925 million will be used to repay Priory outstanding debt.
Closing is expected by Feb. 16. The transaction is not subject to financing.
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