Community Health launches $1.66 billion term loan F to investors

By Sara Rosenberg

New York, Feb. 27 – Community Health Systems, Inc. launched on Friday a $1.66 billion term loan F due December 2018 with price talk of Libor plus 325 basis points with no Libor floor and an original issue discount of 99, according to a market source.

The term loan F has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the lead bank on the deal that was launched without a call.

Proceeds will be used to refinance/extend the existing $1.66 billion term loan E that is due in January 2017 and is priced at Libor plus 325 bps with no Libor floor.

In addition, the company is seeking to amend its existing credit agreement to change the springing maturity to three months prior to any material debt maturity.

An amendment fee of 5 bps is being offered to consenting term loan D lenders, the source added.

Commitments are due at noon ET on Wednesday and consents are due at noon ET on Thursday.

Community Health is a Nashville, Tenn.-based hospital company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.