Hospice Compassus $210 million credit facility completed at originally proposed terms

By Sara Rosenberg

New York, Dec. 23 – Hospice Compassus and Life Choice Hospital completed syndication of a $210 million credit facility in line with initial price talk, according to a market source.

The facility consists of a $30 million five-year revolver and a $180 million six-year term loan B.

Pricing on the term loan B is Libor plus 475 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99. The debt includes 101 soft call protection for six months.

GE Capital Markets, BMO Capital Markets Corp. and CIT are the co-arrangers on the deal that allocated this past Friday.

Proceeds are being used to help fund the buyout of Hospice Compassus and Life Choice Hospital by Formation Capital and Audax.

Other funds for the buyout are coming from $90 million of senior unsecured notes that have been privately placed.

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