Summit Behavioral launches $150 million term loan at 97 OID

By Sara Rosenberg

New York, Jan. 12 – Summit Behavioral Healthcare LLC launched on Wednesday its fungible $150 million incremental first-lien term loan with original issue discount talk of 97, according to a market source.

Pricing on the incremental term loan is Libor plus 475 basis points with a 0.75% Libor floor, in line with existing term loan pricing.

Jefferies LLC is the bookrunner on the deal.

Commitments are due at noon ET on Jan. 21, the source added.

Proceeds will be used to fund the acquisition of Strategic Behavioral Health.

Pro forma for the transaction, the first-lien term loan will total $609 million.

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.

© 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.