ATI Physical Therapy downsizes term loan add-on to $35 million

By Sara Rosenberg

New York, June 29 - ATI Physical Therapy reduced its term loan add-on to $35 million from $40 million, according to a market source.

As before, the term loan add-on as well as a $10 million revolver add-on are priced at Libor plus 550 basis points with a 2% Libor floor, in line with pricing on the company's existing bank debt.

The term loan is still 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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