RCHP: Tuesday bank meeting for $575 million credit facility via UBS

By Paul A. Harris

Portland, Ore., March 24 - RCHP, Inc. plans to launch a $575 million credit facility at a bank meeting on Tuesday, according to a market source.

The deal, via left lead UBS Investment Bank, features a $250 million five-year first-lien term loan talked at 99 with a 475 basis points to 500 bps Libor spread, a 1% Libor floor, a 101 12-month call and 1% annual amortization.

There is also a $240 million 5.5-year second-lien term loan talked at 98.5 with an 850 bps to 875 bps Libor spread, a 1% Libor floor and one year of call protection, after which it is callable at 102 and at 101 after two years.

The pro rata tranche is an $85 million 4.5-year revolver.

Spreads and reoffer prices, as well as credit ratings, remain to be determined.

The Brentwood, Tenn.-based operator of general acute-care hospitals plans to use the proceeds to refinance debt.

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