Amends Senior Secured Credit Facility to Increase Flexibility, Lower
Interest Rates and Extend Maturity
FRANKLIN, Tenn.--(BUSINESS WIRE)--Nov. 30, 2016--
Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ:
ACHC) today announced that it has completed its previously announced
sale to funds advised by BC Partners LLP of 21 existing behavioral
health facilities and one de novo behavioral health facility, not yet
opened, in the United Kingdom for £320 million ($395 million) cash. The
sale fulfills the undertakings Acadia gave the Competition and Markets
Authority (“CMA”) in the U.K. to address the CMA’s concerns about the
impact of Acadia’s acquisition of Priory on competition for the
provision of behavioral healthcare services in certain markets in the
U.K.
Acadia also today announced that it has amended its Amended and Restated
Credit Facility (the “Credit Facility”) to increase the flexibility of
its revolving credit facility and lower the interest rate and extend the
term of the revolving credit facility and Term Loan A. Among other
amendments, Acadia has increased its revolving credit facility to $500.0
million from $300.0 million, while reducing its Term Loan A to $400.0
million from $600.6 million. The revolving credit facility and Term Loan
A now mature in November 2021, which extends the term from February
2019, and reduces the interest rate by 50 basis points. Net proceeds
from the sale were used to pay down the Credit Facility, and the
revolving credit facility is fully available.
About Acadia
Acadia is a provider of inpatient behavioral healthcare services. Acadia
operates a network of 568 behavioral healthcare facilities with
approximately 16,900 beds in 39 states, the United Kingdom and Puerto
Rico. Acadia provides behavioral health and addiction services to its
patients in a variety of settings, including inpatient psychiatric
hospitals, residential treatment centers, outpatient clinics and
therapeutic school-based programs.
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Source: Acadia Healthcare Company, Inc.
Acadia Healthcare Company, Inc.
Brent Turner, 615-861-6000
President