Morgan Stanley and Bank of America's $150 million revolver for Vanguard Health Systems got off to a flying start last week, with UBS Warburg and Credit Suisse First Boston signing on as participants. A banker familiar with the credit said two more banks are close to committing with more than half the amount in the bag. The meeting was held on June 11. The interested banks could not be ascertained. Pricing on the credit is 3% over LIBOR to the end of the year, with a grid based on leverage adopted thereafter. Vanguard is also issuing $200 million in senior subordinated notes in order to refinance existing debt of the company and for general corporate purposes.
B of A, Morgan Credit For Vanguard