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Vanguard Health $1.025 billion facility talked at Libor plus 350 bps
By Sara Rosenberg
New York, Jan. 15 - Vanguard Health Systems Inc.'s $1.025 billion credit facility was launched on Friday with price talk of Libor plus 350 basis points, according to a market source.
The facility has a 1½% Libor floor, the source said.
Tranching on the deal is comprised of a $260 million revolver and a $765 million term loan.
The original issue discount on the term loan is being talked in the 98½ to 99 context, the source remarked.
Bank of America and Barclays are the lead banks on the deal that is only going out to existing lenders.
Proceeds will be used to refinance existing debt.
Vanguard is a Nashville, Tenn.-based owner and operator of acute care hospitals and complementary facilities and services.
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