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Community Health gets commitments to extend $1.6 billion of loans
By Sara Rosenberg
New York, Jan. 30 - Community Health Systems Inc. wrapped up its amendment and extension process, with the end result being that the company is extending about $1.6 billion of its non-extended term loan debt to Jan. 25, 2017 from June 2014, according to a news release.
Pricing on the extended loan is Libor plus 350 basis points, up from non-extended pricing of Libor plus 225 bps. There is no Libor floor.
The amendment is expected to become effective on Feb. 2.
Investors were offered a 17.5 bps consent fee to approve the amendment that allows for the extension and extending lenders were offered a 25 bps extension fee.
During the negotiation process, the consent fee was increased from 12.5 bps and the extension fee was added.
Credit Suisse Securities (USA) LLC is the lead arranger on the deal.
Community Health is a Nashville, Tenn.-based operator of hospitals.
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