BNP Paribas and Bear Stearns last week launched syndication of a $260 million credit for Triumph Healthcare. The deal consists of a seven-year, $250 million first-lien term loan and an eight-year, $110 million second-lien term loan. Both are priced at LIBOR plus 3%.
Standard & Poor's took Triumph, along with LifeCare and Select Medical, off CreditWatch with negative implications, where they were placed in January due to proposed Medicare reimbursement cuts. The reimbursement cuts that were put in place starting July 1 were much less severe than the Centers of Medicare and Medicaid Services had first proposed. Calls to Larry Humphrey, cfo of Triumph, were not returned.