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Select Medical to launch $400 million add-on term loan B on Tuesday
By Sara Rosenberg
New York, July 15 – Select Medical Corp. is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a $400 million add-on term loan B, according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
Price talk on the add-on term loan is Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99, the source said.
The add-on term loan has 101 soft call protection for six months.
Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.
Commitments are due at noon ET on July 24, the source added.
The company is also seeking an amendment to its existing term loan B and is offering lenders a 25 bps amendment fee.
Select Medical is a Mechanicsburg, Pa.-based health care company.
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