A bank meeting is scheduled for Jan. 6 to launch syndication of Coventry Health Care's $450 million credit facility. The credit backs the company's $1.8 billion acquisition of First Health Group Corp. The credit comprises a $150 million revolver and $300 million "A" loan. Ratings are BBB-/Ba1. "The pricing looks attractive," a lender said, but he declined to disclose the spread. Lehman Brothers and CIBC World Markets lead the credit. A managing agent tier launched two weeks ago. Officials from Lehman, CIBC and Coventry did not return calls
Lehman, CIBC Prep Coventry Acquisition Credit