ATI Physical to launch $50 million of credit facility add-ons Monday

By Sara Rosenberg

New York, June 10 - ATI Physical Therapy is scheduled to hold a bank meeting on Monday to launch $50 million of credit facility add-ons, according to a market source.

Barclays Capital Inc. is the lead bank on the deal.

The incremental debt is comprised of a $10 million revolver add-on and a $40 million term loan add-on, the source said.

Proceeds will be used for acquisition financing.

In 2010, the company completed a $170 million credit facility for its buyout by GTCR Golder Rauner LLC comprised of a $145 million term loan and a $25 million revolver and priced at Libor plus 550 basis points with a 2% Libor floor. The debt was sold at an original issue discount of 97, and the term loan included call protection of 102 in year one and 101 in year two against refinancings and repricings.

ATI Physical Therapy is a Bolingbrook, Ill.-based rehabilitation provider.

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