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MBF Healthcare $285 million credit facility commitment expires
By Sara Rosenberg
New York, Aug. 1 - MBF Healthcare Acquisition Corp.'s commitment from Jefferies for an up to $285 million senior secured credit facility has expired, according to an 8-K filed with the Securities and Exchange Commission Friday.
The expired commitment letter provided for a $25 million five-year revolver, a $140 million to $155 million five-year first-lien term loan, a $20 million first-lien one year delayed-draw, with a five-year final maturity, term loan and a $40 million to $85 million six-year second-lien term loan.
The second-lien term loan was going to carry call protection of 102 in year one and 101 in year two.
Financial covenants included a maximum total leverage ratio and a minimum fixed-charge coverage ratio.
The company must now get a new credit facility commitment on or before Aug. 29 in order to be able to complete its acquisition of Critical Homecare Solutions Holdings, Inc. from Kohlberg & Co. LLC.
Recently, MBF and the sellers have proposed to restructure the acquisition in order to reduce the fully diluted enterprise value. The restructured enterprise value is now estimated at $479 million, revised from the original estimated enterprise value of $534 million.
The acquisition agreement will terminate on Aug. 29. However it could be extended to Sept. 30 if, by Aug. 29, the company has obtained a new credit facility commitment and if MBF has acquired at least 16.172 million warrants from certain warrant holders.
MBF Healthcare is a Coral Gables, Fla., blank check company formed to acquire businesses in the health care industry. Critical Homecare Solutions is a Conshohoken, Pa., provider of comprehensive home infusion therapy and specialty infusion services.
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