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Select Medical cuts $620 million term B pricing to Libor plus 300 bps
By Sara Rosenberg
New York, May 10 - Select Medical Corp. reverse flexed pricing on its $620 million term loan B due June 2018 to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.
In addition, the Libor floor on the loan firmed at 1%, the tight end of the 1% to 1.25% talk, the source said.
The loan still has a par offer price and 101 soft call protection for six months.
Recommitments are due at 5 p.m. ET on Monday, the source added.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance an existing term loan B and a term loan B series A due 2018.
Select Medical is a Mechanicsburg, Pa.-based operator of specialty hospitals and outpatient rehabilitation clinics.
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