ScionHealth launches $450 million term loan at Libor plus 500-525 bps

By Sara Rosenberg

New York, Dec. 2 – ScionHealth (Knight Health Holdings LLC) launched on Thursday its $450 million seven-year senior secured term loan B (B) with price talk of Libor plus 500 basis points to 525 bps with a 0.5% floor and an original issue discount of 98 to 99, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Barclays is the left bookrunner on the deal.

Commitments are due at noon ET on Dec. 15, the source added.

Proceeds will be used to fund the acquisition of Kindred Healthcare’s long-term acute care business and 18 of LifePoint Health’s community hospitals and associated health systems.

Closing is expected this year.

ScionHealth is a Louisville, Ky.-based health care services company being formed in connection with the acquisition by LifePoint of Kindred.

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