Universal Health enters $2.58 billion revolver, term loan A due 2019

By Marisa Wong

Madison, Wis., Aug. 13 – Universal Health Services, Inc. entered into a fourth amendment to its credit agreement dated Nov. 15, 2010 with JPMorgan Chase Bank, NA as administrative agent to amend and extend its senior credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The amended credit facility consists of an $800 million revolving credit facility due Aug. 7, 2019 and a $1,775,000,000 term loan A facility due Aug. 7, 2019 and was used to refinance the term loan A and term loan A-2 facilities under the original senior credit facility.

The company’s term loan B facility was repaid using other borrowed funds, the filing noted.

The fourth amendment is effective as of Aug. 7.

Interest is initially Libor plus 150 basis points. After the first full fiscal quarter following the fourth amendment effective date, the applicable margin will be based on the company’s consolidated leverage ratio and will range from 150 bps to 225 bps.

The commitment fee, also based on the consolidated leverage ratio, will range from 25 bps to 40 bps.

Universal Health Services is a King of Prussia, Pa.-based hospital company.

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