ATI Physical to launch $930 million credit facility on Thursday

By Sara Rosenberg

New York, April 19 – ATI Physical Therapy is scheduled to hold a bank meeting at 10 a.m. ET on Thursday to launch a $930 million senior secured credit facility, according to a market source.

Barclays, HSBC Securities (USA) Inc. and Jefferies Finance LLC are the bookrunners on the deal.

The facility consists of a $70 million five-year revolver, a $635 million seven-year first-lien term loan and a $225 million eight-year second-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Advent International from KRG Capital Partners.

ATI’s current management team, led by Dylan Bates, will retain a significant minority stake in the company.

Closing is expected this quarter, subject to regulatory approval and other customary conditions.

ATI is a Bolingbrook, Ill.-based outpatient physical therapy provider.

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