LifeStance obtains up to $300 million term loans, $50 million revolver

By Wendy Van Sickle

Columbus, Ohio, May 9 – LifeStance Health Holdings, Inc. entered on May 4 into a credit agreement providing for a $200 million term loan, a $50 million revolver and a $100 million delayed-draw term loan, according to an 8-K filing with the Securities and Exchange Commission.

The $200 million term loan may be drawn until May 23, with the term loan expected to be used to repay all loans and commitments outstanding under the company’s credit agreement dated May 14, 2020.

Commitments under the delayed-draw term loan will terminate on the second anniversary of the funding date of the $200 million term loan. Both term loans will mature after six years, and the revolver will mature in five years.

The term loans bear interest at adjusted term SOFR plus 450 basis points with a 0.75% SOFR floor. The revolver will bear interest at adjusted term SOFR plus 325 bps with a 0.75% SOFR floor. There is an undrawn commitment fee on the delayed-draw term loan of 50 bps for the first year and 100 bps for the second. The revolver also has a commitment fee of 50 bps.

Obligations under the credit agreement are guaranteed by LifeStance Health Holdings and Lynnwood Intermediate Holdings, Inc.

Capital One, NA is the administrative agent.

Scottsdale, Ariz.-based LifeStance is a provider of outpatient mental health care.

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