Summit Behavioral revises $200 million term loan OID to 99.25

By Sara Rosenberg

New York, Dec. 14 – Summit Behavioral Healthcare LLC tightened the original issue discount on its fungible $200 million incremental first-lien term loan due Nov. 24, 2028 to 99.25 from talk in the range of 98.5 to 99, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 475 basis points with a 0.75% floor.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Jefferies LLC, BofA Securities Inc., SMBC, Wells Fargo Securities LLC, UBS Investment Bank and Fifth Third are the arrangers on the deal.

Commitments continued to be due at noon ET on Thursday, the source added.

Proceeds will be used to refinance the company’s existing second-lien term loan.

Pro forma for the transaction, the first-lien term loan will total $799,865,000.

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.