Community Health Systems cancels term loan extension request

By Sara Rosenberg

New York, March 19 - Community Health Systems Inc. terminated its extension request under which it was looking to push out the maturity on at least $750 million of its roughly $2.2 billion term loan to January 2018 from July 2014, according to a market source.

Pricing on the extended debt was talked at Libor plus 375 basis points, versus current pricing of Libor plus 225 bps.

The extended debt was not going to have a one- or two-month Libor option.

And, the extended loan was being offered with 101 soft call protection for one year and most favored nation language.

Lenders would have received a 50 bps extension fee.

Credit Suisse Securities (USA) LLC was the lead bank on the deal.

Community Health is a Nashville, Tenn.-based operator of hospitals.

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