Concentra to launch $100 million add-on term loan B on Tuesday

By Sara Rosenberg

New York, Sept. 9 – Concentra Group Holdings LLC will hold a lender call on Tuesday to launch a $100 million add-on covenant-lite term loan B (B+) that is talked with an original issue discount in the range of 99 to 99.51, according to a market source.

Pricing on the add-on term loan is Libor plus 275 basis points with a step-down to Libor plus 250 bps at B1/B+ corporate ratings and a 0% Libor floor.

J.P. Morgan Securities LLC is the lead bank on the deal.

Commitments are due on Sept. 17, the source added.

Proceeds will be used to with cash on hand to repay a second-lien term loan.

Concentra is an Addison, Tex.-based occupational medicine and urgent care service provider that was created through a joint venture between Select Medical Corp., Welsh, Carson, Anderson & Stowe and other minority equity holders including Cressey & Co.

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