Acadia Healthcare Completes Previously Announced Sale of U.K. Facilities in Fulfillment of Its Undertakings to the CMA
November 30 2016 - 4:05PM
Business Wire
Amends Senior Secured Credit Facility to
Increase Flexibility, Lower Interest Rates and Extend
Maturity
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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Acadia Healthcare Company, Inc.Brent Turner,
615-861-6000President
Acadia Healthcare (NASDAQ:ACHC)
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