FHC Health Systems to launch $165 million credit facility on Thursday

By Sara Rosenberg

New York, June 11 - FHC Health Systems will host a bank meeting at 10:30 a.m. ET on Thursday to launch a $165 million credit facility, according to a market source.

UBS Securities LLC is the lead bank on the deal.

The facility consists of a $25 million revolver and a $140 million 41/2-year term loan, the source said.

The term loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year. The spread has not yet been announced.

Amortization on the term loan is 5% per annum.

Covenants include maximum total leverage and minimum interest coverage ratios.

Proceeds will be used to refinance existing debt and for general corporate purposes.

FHC Health is a Norfolk, Va.-based behavioral health care and wellness company.

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