Concentra firms $100 million add-on term loan B at 99.51 OID

By Sara Rosenberg

New York, Sept. 16 – Concentra Group Holdings LLC set the original issue discount on its $100 million add-on covenant-lite term loan B (B1/B+) at 99.51, the tight end of the 99 to 99.51 talk, according to a market source.

Pricing on the add-on term loan is Libor plus 250 basis points, due to B1/B+ corporate ratings, with a 0% Libor floor.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used with cash on hand to repay a second-lien term loan.

Concentra is an Addison, Tex.-based occupational medicine and urgent care service provider that was created through a joint venture between Select Medical Corp., Welsh, Carson, Anderson & Stowe and other minority equity holders including Cressey & Co.

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