Therapy Brands to launch $440 million credit facilities on Thursday

By Sara Rosenberg

New York, April 28 – Therapy Brands Holdings LLC will hold a bank meeting at 10 a.m. ET on Thursday to launch $440 million of senior secured credit facilities, according to a market source.

The facilities consist of a $40 million five-year revolver, a $235 million seven-year first-lien term loan, a $60 million delayed-draw first-lien term loan with a 24-month commitment period, an $85 million eight-year second-lien term loan and a $20 million delayed-draw second-lien term loan with a 24-month commitment period, the source said.

The funded and delayed-draw first-lien term debt will be sold as a strip, and the funded and delayed-draw second-lien debt will be sold as a strip.

Jefferies LLC, KKR Capital Markets, Societe Generale and Stone Point are the arrangers on the deal, with Jefferies the left lead on the first-lien and KKR the left lead on the second-lien.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has soft call protection of 102 in year one and 101 in year two, the source added.

Proceeds will be used to help fund the buyout of the company by KKR from Lightyear Capital LLC, Oak HC/FT and Greater Sum Ventures.

Therapy Brands is a Birmingham, Ala.-based provider of integrated practice management software and payment solutions to the mental health, behavioral health and rehabilitation markets.

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