RehabCare to launch $625 million credit facility on Thursday

By Sara Rosenberg

New York, Nov. 3 - RehabCare Group Inc. is scheduled to hold a bank meeting on Thursday at 9:30 a.m. ET in New York to launch its proposed $625 million senior secured credit facility, according to a market source.

Bank of America, RBC and BNP Paribas are the lead banks on the deal.

The facility consists of a $125 million revolver and a $500 million term loan B, the source said.

Proceeds will be used to help fund RehabCare's acquisition of Triumph HealthCare for a purchase price of $570 million.

The revolver is expected to be substantially unfunded at the close of the transaction.

Closing on the acquisition is expected to take place on Dec. 1, pending customary closing conditions, including regulatory approvals.

RehabCare is a St. Louis-based provider of physical rehabilitation services. Triumph HealthCare is a Houston-based developer and operator of long-term acute care hospitals.

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