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Encompass Home gets $210 million credit facility at Libor plus 400 bps
By Sara Rosenberg
New York, June 19 - Encompass Home Health closed on a new $210 million five-year senior secured credit facility that is priced at Libor plus 400 basis points with a 1.5% Libor floor and an original issue discount of 981/2, according to a market source.
The facility consists of a $50 million revolver, a $135 million term loan and a $25 million delayed-draw term loan, the source said.
CIT Healthcare acted as the bookrunner, administrative agent and joint lead arranger on the deal. Other joint lead arrangers were SunTrust Robinson Humphrey Inc. and GE Capital Markets.
Proceeds were used to refinance existing debt.
Encompass Home Health is a Dallas-based Medicare-certified home health care agency that is owned by Cressey & Co. LP.
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