BNP Paribas is launching a $115 million credit backing TA Associates' acquisition of Triumph Healthcare this Tuesday. The bank deal comprises a five-year, $25 million revolver at LIBOR plus 3 1/2% and a six-year, $90 million term loan at LIBOR plus 3 3/4%, a market participant noted. The financing also includes $20 million of subordinated notes being held by TA. Senior leverage is 2.36 times and leverage is 3.47 times through the sub notes. The source said mid-single-B ratings are expected. Triumph operates five long-term acute care hospitals in Houston. Jack Biller, Triumph's senior v.p. and cfo, did not return calls and officials at TA Associates could not be reached by press time. BNP Paribas bankers declined comment.
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