ScionHealth firms $450 million term loan at Libor plus 525 bps

By Sara Rosenberg

New York, Dec. 16 – ScionHealth (Knight Health Holdings LLC) set pricing on its $450 million seven-year senior secured term loan B (B2/B) at Libor plus 525 basis points, the high end of the Libor plus 500 bps to 525 bps talk, according to a market source.

Also, the original issue discount on the term loan was changed to 93 from talk in the range of 98 to 99, the 101 soft call protection was extended to one year from six months and some changes were made to documentation, the source said.

The term loan still has a 0.5% Libor floor.

Barclays is the left bookrunner on the deal.

Recommitments are due at noon ET on Friday, the source added.

Proceeds will be used to fund the acquisition of Kindred Healthcare’s long-term acute care business and 18 of LifePoint Health’s community hospitals and associated health systems.

Closing is expected this year.

ScionHealth is a Louisville, Ky.-based health care services company being formed in connection with the acquisition by LifePoint of Kindred.

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