TridentUSA Health to launch $325 million credit facility on Tuesday

By Sara Rosenberg

New York, March 30 - TridentUSA Health Services is scheduled to hold a bank meeting at 10 a.m. ET on Tuesday to launch a $325 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, GE Capital Markets and Madison Capital are the lead banks on the deal.

The facility consists of a $50 million four-year revolver, a $175 million five-year first-lien term loan and a $100 million 51/2-year second-lien term loan, the source said.

The revolver and first-lien term loan are talked at Libor plus 525 basis points with a 1.25% Libor floor and an original issue discount of 981/2, and the second-lien term loan is talked at Libor plus 900 bps with a 1.25% Libor floor and an original issue discount of 97, the source continued.

There is 101 repricing protection for one year on the first-lien term loan, and the second-lien loan is non-callable for one year, then at 103 in year two, 102 in year three and 101 in year four, the source added.

Proceeds will be used to refinance $120 million of existing debt and pay a dividend to sponsors, Audax Group and Frazier Healthcare, of around $140 million.

TridentUSA is a Burbank, Calif.-based provider of bedside diagnostics services offering mobile x-ray, ultrasound, teleradiology and laboratory services to skilled nursing home, assisted living, home health care, hospice and correctional markets.

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