ATI Physical launches $50 million of add-ons at Libor plus 550 bps

By Sara Rosenberg

New York, June 13 - ATI Physical Therapy launched its $50 million of credit facility add-ons at Libor plus 550 basis points with a 2% Libor floor, in line with existing pricing, according to a market source.

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

The term loan is being offered at an original issue discount of 991/2. By comparison, when the existing term loan was obtained in 2010, it was sold at a discount of 97.

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

Proceeds will be used for acquisition financing.

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

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