Mariner Inches Up

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Mariner Inches Up

Mariner Post Acute Network's debt notched up to 70 in a few small trades last week. Deutsche Bank was rumored to be active in the name, although traders there would not comment. Dealers say the uptick in levels is reflective of a recovering health care industry. "Medicaid is paying higher reimbursements, which should be improving the price of all health care names. Everything is being bid up," said a dealer. Mariner is a long term care provider based in Atlanta. Bill Straub, acting cfo, declined to comment. The company has a $1.09 billion deal that breaks down into five tranches. Pricing is based on a grid and starts at LIBOR plus 4%. J.P. Morgan and Bank of America are the lead arrangers, according to Capital DATA Loanware.

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