AAC Holdings, Inc. Completes $125 Million Credit Facility
March 09 2015 - 4:05PM
Business Wire
AAC Holdings, Inc. (NYSE: AAC) announced the closing of a $125
million senior secured credit facility, consisting of a $50 million
revolving credit facility and a $75 million term loan. The facility
matures in March 2020 and amounts outstanding under the credit
facility bear interest at LIBOR plus a margin between 2.25% to
3.25% or a base rate plus a margin between 1.25% and 2.25%, in each
case depending on the Company’s leverage. The facility also has an
accordion feature that allows the total borrowing capacity under
the credit facility to be increased up to $200 million, subject to
certain conditions, including obtaining additional commitments from
lenders.
The facility is led by Bank of America Merrill Lynch and
SunTrust Robinson Humphrey as Joint Bookrunners and Joint Lead
Arrangers and includes BMO Harris Bank, N.A., an affiliate of Bank
of Montreal, Raymond James Bank, Texas Capital Bank, Western
Alliance Bank and Reliant Bank.
Michael Cartwright, Chairman and Chief Executive Officer of AAC
Holdings, noted, “We have an active pipeline of de novo projects
and acquisitions. The new facility and its attractive pricing
enhance the flexibility of our balance sheet to continue executing
these growth strategies. We appreciate the support from this strong
syndicate of healthcare lenders.”
About American Addiction Centers
American Addiction Centers is a leading provider of inpatient
substance abuse treatment services. We treat adults as well as
adolescents who are struggling with drug addiction, alcohol
addiction, and co-occurring mental/behavioral health issues. We
operate eight substance abuse treatment facilities and one mental
health facility specializing in overeating disorders. Located
throughout the United States, these facilities are focused on
delivering effective clinical care and treatment solutions.
Forward Looking Statements
This release contains forward looking statements within the
meaning of the federal securities laws. These forward looking
statements are made only as of the date of this release. In some
cases, you can identify forward-looking statements by terms such as
“anticipates,” “believes,” “could,” “estimates,” “expects,” “may,”
“potential,” “predicts,” “projects,” “should,” “will,” “would,” and
similar expressions intended to identify forward-looking
statements, although not all forward-looking statements contain
these words. Forward-looking statements may include information
concerning AAC Holdings’ possible or assumed future results of
operations, including descriptions of AAC Holdings’ revenues,
profitability, outlook and overall business strategy. These
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results and performance to be
materially different from the information contained in the forward
looking statements. These risks, uncertainties and other factors
include, without limitation: (i) our inability to operate our
facilities; (ii) our reliance on our sales and marketing program to
continuously attract and enroll clients; (iii) a reduction in
reimbursement rates by certain third-party payors; (iv) our failure
to successfully achieve growth through acquisitions and de novo
expansions; and (v) general economic conditions, as well as other
risks discussed in the “Risk Factors” section of the Company’s
registration statement on Form S-1, as amended, and other filings
with the Securities and Exchange Commission. As a result of these
factors, we cannot assure you that the forward looking statements
in this release will prove to be accurate. Investors should not
place undue reliance upon forward looking statements.
SCR PartnersTripp Sullivan,
615-760-1104IR@contactAAC.com
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