J.P. Morgan, First Union and GE Capital have committed to Deutsche Bank and Bank of America's $210 million credit facility for Charlotte, N.C.-based MedCath Corporation. A banker familiar with the credit said that Chase and First Union took $25-30 million dollar commitments. GE Capital's stake could not be determined.
The credit, priced at LIBOR plus 3%, is sponsored by Kohlberg Kravis Roberts and Welsh, Carson, Anderson & Stowe. The loan will refinance existing debt and finance the development of new hospitals. An equity offering, also being led by Deutsche and B of A, will be coming to market (LMW, 5/28).