FHC Health Systems talks $140 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, June 13 - FHC Health Systems launched its $140 million 41/2-year term loan on Thursday with spread talk of Libor plus 475 basis points, according to a market source.

As previously reported, the term loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Amortization on the term loan is 5% per annum.

In addition to the term loan, the company's $165 million credit facility provides for a $25 million revolver.

Covenants include maximum total leverage and minimum interest coverage ratios.

Commitments are due on June 25, the source added.

UBS Securities LLC is the lead bank on the deal.

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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