Summit Behavioral to launch $800 million credit facilities on Monday

By Sara Rosenberg

New York, Oct. 15 – Summit Behavioral Healthcare LLC is set to hold a lender call at 1 p.m. ET on Monday to launch $800 million of credit facilities, according to a market source.

Jefferies LLC, BofA Securities Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

The facilities consist of a $75 million five-year revolver, a $450 million seven-year first-lien term loan, a $70 million first-lien delayed-draw term loan available for 24 months, a $180 million eight-year second-lien term loan and a $25 million second-lien delayed-draw term loan available for 24 months, the source said.

The first-lien term loan debt has 101 soft call protection for six months, and the second-lien term loan debt has hard call protection of 102 in year one and 101 in year two.

Proceeds will be used to help fund the buyout of the company by Patient Square Capital from FFL Partners and Lee Equity Partners.

Summit Behavioral is a Franklin, Tenn.-based behavioral health services provider with a focus on the substance use disorder and acute psychiatric treatment end markets.

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