Sheridan Healthcare $620 million credit facility to launch Thursday

By Sara Rosenberg

New York, May 15 - Sheridan Healthcare Inc. is scheduled to hold a bank meeting on Thursday afternoon to launch its proposed $620 million credit facility, according to a market source.

Lehman, UBS, Credit Suisse and Citigroup are the bookrunners on the deal, with Lehman and UBS the joint lead arrangers.

The facility consists of a $75 million six-year revolver, a $375 million seven-year first-lien term loan B and a $170 million eight-year PIK toggle second-lien term loan, the source said.

The second-lien loan, which has the PIK option for life, carries call protection of 102 in year one and 101 in year two.

All tranches under the facility are covenant-light.

Proceeds will be used to help fund Hellman & Friedman's acquisition of the company from J.W. Childs Associates LP.

Sheridan is a Sunrise, Fla., physician practice management company.

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