LifePoint gets new $192 million senior subordinated credit facility

By Sara Rosenberg

New York, June 15 - LifePoint Hospitals Inc. closed on a new $192 million senior subordinated credit facility due 2013, according to a company news release. Citicorp North America is the administrative agent on the deal.

The senior subordinated loan carries an initial interest rate of Libor plus 350 basis points, with the rate going up by 50 bps each quarter subject to a 10% threshold.

Proceeds were loaned to the company's wholly owned subsidiary, Historic LifePoint Hospitals Inc., for the redemption of its 4½% convertible subordinated notes due 2009.

LifePoint currently plans on refinancing this new facility with other subordinated or senior subordinated financing, which may include securities convertible into LifePoint Hospitals common stock, the release said.

LifePoint Hospitals is a Brentwood, Tenn., hospital company focused on providing health care services in non-urban communities.

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