CRC Health to launch $325 million credit facility Wednesday

By Sara Rosenberg

New York, Jan. 9 - CRC Health Group is scheduled to hold a bank meeting on Wednesday to launch its proposed $325 million credit facility, according to a market source.

Citigroup and JPMorgan are the lead banks on the deal, with Citi the left lead.

The facility consists of a $100 million revolver and a $225 million term loan B, with both tranches talked at Libor plus 250 basis points, the source said.

Proceeds will be used to help fund Bain Capital's leveraged buyout of the company. Bain is purchasing CRC from North Castle Partners and DLJ Merchant Banking Partners in a transaction valued at $720 million.

CRC is a Cupertino, Calif., provider of drug and alcohol treatment services.

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