Acadia Healthcare expands senior secured facility by $70 million

By Marisa Wong

Madison, Wis., March 7 - Acadia Healthcare Co., Inc. amended its senior secured credit facility dated July 12, 2011 on March 1, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides $25 million of incremental term loans and increases the company's $30 million revolving credit facility by $45 million. The facility's term loan now has a balance of $155 million, and the revolver has a line of credit totaling $75 million.

Acadia used the $25 million incremental term loans and a $5 million borrowing under the revolving facility to partially fund the acquisition of three behavioral health care facilities from Haven Behavioral Healthcare Holdings, LLC on March 1.

As of March 6, Acadia has about $70 million of availability under its revolving line of credit.

The amended term loans require quarterly principal payments of $2 million for the period of March 31 to March 31, 2013, $4 million for June 30, 2013 to March 31, 2014, $5 million for June 30, 2014 to March 31, 2015 and $6 million for June 30, 2015 to Dec. 31, 2015, with the remaining principal balance due at maturity.

The senior secured credit facility matures on April 1, 2016.

Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer.

Acadia is a Franklin, Tenn.-based provider of inpatient behavioral health care services.

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