Acadia Healthcare launches $1.4 billion in term loans to investors

By Sara Rosenberg

New York, March 8 – Acadia Healthcare Co. Inc. held a lender call at noon ET on Thursday to launch $1,398,400,000 in term loans, according to a market source.

Bank of America Merrill Lynch is the lead bank on the deal.

The debt is split between a $477.3 million covenant-light term loan B-1 due Feb. 11, 2022 and a $921.1 million covenant-light term loan B-2 due Feb. 16, 2023, both talked at Libor plus 250 basis points with a 0% Libor floor and a par issue price, the source said.

Included in the term loans is 101 soft call protection for six months.

Proceeds will be used to refinance existing term loan Bs that are priced at Libor plus 275 bps with a 0.75% Libor floor.

Commitments are due at noon ET on Wednesday, the source added.

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

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