AAC Holdings closes on $125 million credit facility due 2020

By Toni Weeks

San Luis Obispo, Calif., March 9 – AAC Holdings, Inc. announced the closing of its $125 million senior secured credit facility. The facility has an accordion option to push commitments up to $200 million.

According to a press release, the facility matures in March 2020 and consists of a $50 million revolving credit facility and a $75 million term loan.

Borrowings bear interest at labor plus 225 basis points to 325 bps. The exact rate is based on leverage.

BofA Merrill Lynch and SunTrust Robinson Humphrey are the joint bookrunners and joint lead arrangers. Other lenders include BMO Harris Bank, NA, Raymond James Bank, Texas Capital Bank, Western Alliance Bank and Reliant Bank.

“We have an active pipeline of de novo projects and acquisitions,” chairman and chief executive officer Michael Cartwright said in the press release.

“The new facility and its attractive pricing enhance the flexibility of our balance sheet to continue executing these growth strategies.”

The provider of inpatient substance abuse treatment services is based in Brentwood, Tenn.

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