Symbion sets Thursday launch for $350 million credit facility

By Sara Rosenberg

New York, July 16 - Symbion Inc. has scheduled a bank meeting for Thursday to launch its proposed $350 million senior secured credit facility, according to a market source.

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

The facility consists of a $250 million seven-year term loan B, a $25 million seven-year delayed-draw term loan and a $75 million six-year revolver, the source said.

Previously, based on filings with the Securities and Exchange Commission, the facility was expected to be sized at $275 million, consisting of a $150 million term loan B, a $50 million delayed-draw term loan and a $75 million revolver.

In addition, according to those SEC filings, all three tranches are expected to be priced at Libor plus 200 basis points.

However, official price talk on the deal will not be announced until the bank meeting, the source added.

Proceeds will be used to help fund Crestview Partners LP's acquisition of the company for $22.35 per share in cash. The transaction is valued at about $637 million, including the assumption of certain debt obligations.

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

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