ATI accelerates commitment deadline on $635 million loan to Friday

By Paul A. Harris

Portland, Ore., April 28 – ATI Physical Therapy moved up the deadline on its $635 million seven-year first-lien term loan (B1/B) to 5 p.m. ET Friday, according to a market source.

Previously books were expected to stay open until May 5.

As reported, the deal is talked at Libor plus 500 basis points with a 1% Libor floor at 98 to 99. It features 101 soft call protection for six months.

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

The $930 million credit facility also features a $70 million five-year revolver and a $225 million eight-year second-lien term loan.

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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