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Renal Advantage will use $206 million of mezzanine debt to fund merger
By Lisa Kerner
Charlotte, N.C., Nov. 16 - Renal Advantage, Inc. announced it will use $206 million of mezzanine debt to fund its merger with Liberty Dialysis LLC, according to a market source.
As previously reported, the company is also planning to use proceeds from a $400 million credit facility to fund the deal that is expected to close by Dec. 31.
The facility consists of a $50 million revolver and a $350 million term loan.
Leverage through the first-lien debt is 3.6 times, and net leverage through the mezzanine debt is 5.6 times.
Brentwood, Tenn.-based Renal Advantage and Mercer Island, Wash.-based Liberty Dialysis are providers of dialysis services.
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