Symbion buyout financing to include $275 million credit facility, $250 million bonds

By Sara Rosenberg

New York, May 30 - Symbion Inc. detailed its buyout financing package, including plans for a $275 million senior secured credit facility and $250 million of senior notes, according to a PREM14A filed with the Securities and Exchange Commission Wednesday.

Merrill Lynch and Bank of America are the lead banks on the financing.

The credit facility consists of a $150 million seven-year funded term loan, a $50 million seven-year delayed-draw term loan and a $75 million six-year revolver, with all three tranches expected to be priced at Libor plus 200 basis points.

The notes, which will be issued in a Rule 144A or other private offering, are backed by a commitment for a $250 million one-year senior unsecured bridge loan.

The bridge loan will carry an interest rate of Libor plus 400 bps for the first six months, increasing by 50 bps after those six months and every three months thereafter.

Under the agreement, Crestview Partners LP is buying the company for $22.35 per share in cash. The transaction is valued at about $637 million, including the assumption of certain debt obligations.

The acquisition is expected to close in the third quarter, subject to approval by Symbion's stockholders, requisite regulatory and antitrust approvals and other customary closing conditions. The transaction is not subject to a financing condition.

Symbion is a Nashville, Tenn., owner and operator of short stay surgical facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.