Acadia Healthcare (ACHC) Completes $395M Sale of U.K. Facilities to BC Partners LLP
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Acadia Healthcare Company, Inc. (Nasdaq: ACHC) announced that it has completed its previously announced sale to funds advised by BC Partners LLP of 21 existing behavioral health facilities and one de novo behavioral health facility, not yet opened, in the United Kingdom for £320 million ($395 million) cash. The sale fulfills the undertakings Acadia gave the Competition and Markets Authority (“CMA”) in the U.K. to address the CMA’s concerns about the impact of Acadia’s acquisition of Priory on competition for the provision of behavioral healthcare services in certain markets in the U.K.
Acadia also today announced that it has amended its Amended and Restated Credit Facility (the “Credit Facility”) to increase the flexibility of its revolving credit facility and lower the interest rate and extend the term of the revolving credit facility and Term Loan A. Among other amendments, Acadia has increased its revolving credit facility to $500.0 million from $300.0 million, while reducing its Term Loan A to $400.0 million from $600.6 million. The revolving credit facility and Term Loan A now mature in November 2021, which extends the term from February 2019, and reduces the interest rate by 50 basis points. Net proceeds from the sale were used to pay down the Credit Facility, and the revolving credit facility is fully available.
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