Aveanna finalizes $415 million term loan at Libor plus 700 bps

By Sara Rosenberg

New York, Dec. 9 – Aveanna Healthcare LLC set pricing on its $415 million eight-year senior secured second-lien term loan (Caa1/CCC) at Libor plus 700 basis points, the high end of the Libor plus 675 bps to 700 bps talk, according to a market source.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99, and call protection of 102 in year one and 101 in year two. The call protection is 101 in year one and par in year two with respect to any prepayments made in connection with any equity issuance.

Barclays is the lead on the deal and the administrative agent.

Proceeds will be used to help fund the acquisitions of Comfort Care for $345 million and Accredited Nursing Services for a base purchase price of $180 million, plus up to $45 million of potential additional consideration.

Closing is expected this quarter.

Aveanna is an Atlanta-based home care provider. Comfort Care is a provider of adult home health and hospice operations in Alabama and Tennessee. Accredited is a provider of private duty services in California.

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