CCS Medical plans $415 million credit facility with IPO

By Sara Rosenberg

New York, May 11 - CCS Medical Holdings, Inc. is planning on getting a new $415 million senior secured credit facility in connection with its initial public offering of common stock, according to an S-1 filed with the Securities and Exchange Commission Friday.

The facility is expected to consist of a $50 million six-year revolver and a $365 million seven-year term loan.

The credit facility lenders will include affiliates of some of the IPO underwriters, which are Lehman and Goldman Sachs, the filing said.

Proceeds will be used to help repay the company's existing credit facility. As of Dec. 31, there was $330.3 million outstanding under the first-lien facility, $110 million outstanding under the second-lien term loan and $59.3 million outstanding under an unsecured note payable.

The IPO is not conditioned on the closing of the new credit facility. If the new facility is not completed, then the company's existing facility will remain in place.

CCS Medical is a Clearwater, Fla., medical supply management company.

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