Renal Advantage launches $305 million facility at Libor plus 450 bps

By Sara Rosenberg

New York, May 14 - Renal Advantage Inc. launched its $305 million credit facility at 10 a.m. ET on Friday with price talk of Libor plus 450 basis points, according to a market source.

The facility consists of a $60 million revolver and a $245 million six-year term loan B.

The term loan B includes a 1.5% Libor floor and is being offered at an original issue discount of 99. There is no Libor floor on the revolver.

Deutsche Bank, Barclays, Bank of America and GE Capital are the lead banks on the deal, with Deutsche the left lead.

Proceeds will be used to refinance existing debt.

Renal Advantage is a Brentwood, Tenn.-based provider of outpatient dialysis services.

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