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Acadia shifts funds between facilities, extends maturity, cuts rate
By Tali Rackner
Norfolk, Va., Nov. 30 – Acadia Healthcare Co., Inc. entered into a refinancing facilities amendment to its amended and restated credit agreement on Wednesday to shift funds, extend the maturity and lower the interest rate, according to an 8-K filing with the Securities and Exchange Commission.
The amendment increases the line of credit on its revolving credit facility to $500 million from $300 million and reduces the term loan A facility to $400 million from $600.6 million.
In addition, the maturity date for both facilities was extended to Nov. 30, 2021 from Feb. 13, 2019.
Furthermore, interest was reduced by 50 basis points and now ranges from Libor plus 175 basis points to 275 bps.
Acadia entered into a 10th amendment to the amended and restated credit agreement on Nov. 22. That amendment, among other things: (a) Amended the negative covenant regarding dispositions to permit the company’s previously announced sale of facilities in the United Kingdom; (b) modified the collateral package to release any real property with a fair market value of less than $5 million; and (c) changed certain investment, debt and lien baskets.
Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer. Deutsche Bank AG New York Branch, MUFG Union Bank, NA, Regions Bank, Wells Fargo Bank, NA, JPMorgan Chase Bank, NA and Jefferies Finance LLC acted as co-documentation agents with Capital One, NA, Fifth Third Bank, BMO Capital Markets Corp., Credit Agricole CIB and Citibank, NA as co-syndication agents.
Merrill Lynch, Pierce, Fenner & Smith Inc., Capital One, Fifth Third Bank, BMO, Credit Agricole and Citibank acted as joint lead arrangers and bookrunners.
Acadia is a Franklin, Tenn.-based provider of inpatient and outpatient behavioral health care services.
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