Ardent Health launches $400 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, Feb. 24 - Ardent Health Services LLC launched its $400 million six-year term loan on Wednesday with price talk of Libor plus 450 basis points with a 1.5% Libor floor, according to a market source.

The term loan includes 101 soft call protection for one year and is being offered at an original issue discount of 981/2, the source said.

Meanwhile, the company's $75 million five-year revolver is being talked at Libor plus 425 bps, the source continued.

By comparison, prior to the launch, there was some unofficial guidance being whispered around that had the term loan talked at Libor plus 400 bps and the revolver talked at Libor plus 375 bps.

Bank of America, Barclays and GE Capital are the lead banks on the $475 million deal (B1/B).

Proceeds will be used to refinance existing debt and to fund a dividend.

Ardent Health is a Nashville, Tenn.-based operator of acute care hospitals and specialty care facilities.

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