Athletico talks $875 million term loan B at SOFR plus 425-450 bps

By Sara Rosenberg

New York, Jan. 20 – Athletico Physical Therapy launched on Thursday its $875 million seven-year term loan B (B) with price talk of SOFR+CSA plus 425 basis points to 450 bps with a 0.5% floor and an original issue discount of 99 to 99.5, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has 101 soft call protection for six months.

BofA Securities Inc. and BMO Capital Markets are the leads on the deal.

Commitments are due at noon ET on Feb. 1, the source added.

Proceeds will be used with equity to fund the acquisition of Pivot Health Solutions from PennantPark, to refinance existing debt and to add cash to the balance sheet.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

Athletico is an Oak Brook, Ill.-based provider of orthopedic rehabilitation services. Pivot Health is a provider of physical therapy, occupational health and onsite corporate health services.

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