Integrated Health Services bank debt last week traded up to the 46 1/2 to 47 range, up from 44-45. A total of $40 million changed hands over the course of the week. Dealers continue to attribute the levels to an improving industry. "Health care credits are up because the companies are up," said a dealer. Integrated Health, based in Sparks, Md., owns or operates approximately 365 nursing homes and 15 specialty hospitals that offer wound management, cardiac care, Alzheimer's disease treatment, and other rehabilitation services.
Integrated Health has a $2.15 billion credit that breaks down into three tranches. Pricing is linked to the company's leverage ratio and ranges from LIBOR plus 3 1/2% to LIBOR plus 3%. Salomon Smith Barney and TD Securities are the lead arrangers.