Gentiva $445 million facility now expected as February business

By Sara Rosenberg

New York, Jan. 23 - Gentiva Health Services Inc. is now expecting to launch its about $445 million senior credit facility in February as opposed to the previously anticipated late-January to early-February timeframe, according to a market source.

Lehman is the lead bank on the deal.

The facility is anticipated to consist of a $75 million revolver and an about $370 million seven-year term loan, company officials revealed in an early-January conference call.

Proceeds from the term loan, along with about $55 million in stock and about $58 million in cash on hand, will be used to finance the acquisition of The Healthfield Group Inc. for $454 million, refinance over $183 million in existing Healthfield debt and fund transaction costs.

The transaction, which is subject to Hart-Scott-Rodino review, is expected to close in the first quarter.

Gentiva is a Melville, N.Y.-based provider of comprehensive home health services. Healthfield is an Atlanta-based provider of home health care and hospice services.

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