AccentCare ups deal to $225 million, cuts spread to Libor plus 425 bps

By Sara Rosenberg

New York, Feb. 18 - AccentCare Inc. increased the size of its senior secured credit facility to $225 million from $205 million and lowered pricing to Libor plus 425 basis points from Libor plus 500 bps, according to a market source.

In addition, the original issue discount on the facility was tightened to 99½ from 981/2, and 101 soft call protection for one year was added to the term loan, the source said.

The 1.5% Libor floor was left unchanged.

The facility consists of a $30 million revolver, up from $25 million, a $180 million term loan and a $15 million delayed-draw term loan that was just added to the capital structure, the source continued.

On top of the structural and pricing changes, there were also some minor covenant tweaks made, the source added.

Recommitments are due from lenders on Tuesday.

GE Capital, Bank of Ireland and CIT are the joint lead arrangers on the facility, with GE the left lead.

Proceeds will be used to help fund the buyout of the company by Oak Hill Capital Partners, and the delayed-draw loan will be available for acquisitions.

AccentCare is an Irvine, Calif.-based provider of home health care services.

Following completion of the buyout, Oak Hill will merge AccentCare with Guardian Home Care Holdings Inc., a Brentwood, Tenn.-based provider of homecare and hospice services that was recently acquired from Friedman Fleischer & Lowe.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.