Psychiatric Solutions to launch $300 million in incremental bank debt Wednesday

By Sara Rosenberg

New York, Nov. 7 - Psychiatric Solutions, Inc. is scheduled to hold a conference call mid-morning on Wednesday to launch its proposed $300 million of add-on bank debt, according to a market source.

The incremental debt is comprised of a $150 million add-on to the company's term loan and a $150 million add-on to its revolver.

Citigroup and Bank of America are joint bookrunners and joint lead arrangers on the term loan add-on, and Bank of America is the lead arranger and bookrunner on the revolver add-on.

The term loan add-on and a portion of the expanded revolver will be used to finance the $210 million cash purchase of Alternative Behavioral Services, Inc., which is expected to occur on Dec. 1.

Psychiatric Solutions is a Franklin, Tenn.-based provider of inpatient behavioral health care services.

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