Credit Suisse First Boston and Goldman Sachs increased the size of Skilled Healthcare Group’s second-lien term loan to take out some preferred shares. The term loan was upsized from $85 million to $100 million, while pricing was flexed down on the entire facility. The spread on the $35 million revolver and $140 million first-lien term loan was cut from LIBOR plus 3% to LIBOR plus 2 3/4%, while the second-lien spread was cut by 50 basis points to LIBOR plus 7%. There is a 50 basis point commitment fee on the revolver.
The credit is set to close July 20 and originally launched at a bank meeting June 28. Skilled is owned by Boston-based investment firm Heritage Partners. John Harrison, Skilled’s cfo, and Nicole Norris, a v.p. with Heritage Partners, did not return immediate calls for comment. CSFB and Goldman bankers either declined comment or did not return calls.