Ardent Health Loan Deal Launches
February 24, 2010
A bank group today hits the loan market with a $400 million term loan for Ardent Health Services, a Nashville, Tenn.-based operator of seven acute care hospitals and a number or specialty care facilities in the southern U.S.
Price talk is at Libor plus 400 bps, with an OID of 98.5. The banks—Bank of America Merrill Lynch, Barclays Capital and GE Capital—have also arranged a $75 million revolver. The senior leverage ratio for this transaction is around 3x.
Ardent plans to use the proceeds from the facility to refinance its existing debt and to fund a dividend payment to its private equity owner Welsh, Carson, Anderson & Stowe. The company took out a $275 million term loan in 2004 to back its acquisition of Hillcrest HealthCare Systems.
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