Concentra Operating launches $402 million B loan to reprice existing term debt

By Sara Rosenberg

New York, Aug. 3 - Concentra Operating Corp. launched a $402 million term loan B on Tuesday that would reprice its existing $332 million term loan B and $70 million term loan B-1 at Libor plus 250 basis points, according to a market source. JPMorgan is the lead bank on the deal.

Currently, the existing term B is priced at Libor plus 375 basis points and the term loan B-1 is priced at Libor plus 275 basis points.

Furthermore, the amendment would push out senior term debt maturities by one year.

The company is seeking this amendment as a result of "positive operating trends" and "attractive debt market conditions," a company news release said.

Concentra is an Addison, Texas, provider of services designed to contain healthcare and disability costs and serves the occupational, auto and group healthcare markets.

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