Renal Advantage $200 million credit facility to launch Thursday

By Sara Rosenberg

New York, Sept. 6 - Renal Advantage Inc. is scheduled to hold a bank meeting on Thursday to launch its proposed $200 million credit facility, according to a market source.

Citigroup and Lehman are the lead banks on the deal, with Citi the left lead.

The facility consists of a $50 million five-year revolving credit facility talked at Libor plus 300 basis points and a $150 million seven-year term loan talked at Libor plus 325 bps, the source said.

Proceeds will be used to fund the acquisition of 70 dialysis centers from DaVita Inc. and Gambro Healthcare.

Nashville, Tenn.-based Renal Advantage, previously RenalAmerica Inc., was founded by its chief executive officer, Michael Klein, who most recently served as a senior executive for Gambro Healthcare U.S. The company teamed with Welsh, Carson, Anderson & Stowe to finance the acquisition of the centers.

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