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Vanguard ups add-on loan to $300 million, flexes to Libor plus 275 bps
By Sara Rosenberg
New York, March 11 - Vanguard Health Systems raised its incremental term loan to $300 million from $200 million and lowered pricing to Libor plus 275 basis points from talk of Libor plus 300 bps to 325 bps, according to a market source.
In addition, the offer price on the add-on was tightened to par from 993/4, the source said.
The 1% Libor floor was unchanged.
BofA Merrill Lynch and Barclays are the lead banks on the deal.
Proceeds will be used to fund capital expenditures.
With the add-on, the company is repricing its roughly $800 million term loan to Libor plus 275 bps with a 1% floor from Libor plus 350 bps with a 1.5% floor.
Vanguard Health is a Nashville, Tenn.-based operator of regionally focused integrated health care delivery networks.
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