ScionHealth $450 million senior secured term loan frees to trade

By Sara Rosenberg

New York, Dec. 17 – ScionHealth (Knight Health Holdings LLC) saw its $450 million seven-year senior secured term loan B (B2/B) make its way into the secondary market on Friday, with levels quoted at 93 bid, 95 offered, according to a market source.

Pricing on the term loan is Libor plus 525 basis points with a 0.5% Libor floor, and it was sold at an original issue discount of 93. The debt has 101 soft-call protection for one year.

During syndication, pricing on the term loan firmed at the high end of the Libor plus 500 bps to 525 bps talk, the discount widened from talk in the range of 98 to 99, the call protection was extended from six months and some changes were made to documentation.

Barclays is the left bookrunner on the deal.

Proceeds will be used to fund the acquisition of Kindred Healthcare’s long-term acute care business and 18 of LifePoint Health’s community hospitals and associated health systems.

Closing is expected this year.

ScionHealth is a Louisville, Ky.-based health care services company being formed in connection with the acquisition by LifePoint of Kindred.

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