American Addiction flexes $210 million term loan to Libor plus 675 bps

By Sara Rosenberg

New York, June 28 – American Addiction Centers (AAC Holdings Inc.) lifted pricing on its $210 million six-year first-lien term loan to Libor plus 675 basis points from Libor plus 550 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 97.5 from 99, and the call protection was revised to non-callable for one year, then at 102 in year two and 101 in year three from a 101 soft call for six months, the source said.

The term loan still has a 1% Libor floor and a maximum senior secured leverage ratio covenant.

The company’s $250 million of senior secured credit facilities (B3/B-) also include a $40 million revolver that was downsized from $55 million.

Credit Suisse Securities (USA) LLC and Hancock Whitney Bank are the leads on the deal.

Proceeds will be used to refinance existing debt.

American Addiction Centers is a Brentwood, Tenn.-based provider of inpatient and outpatient substance abuse treatment services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.