| LONDON, June 23
LONDON, June 23 TowerBrook Capital Partners'
acquisition of healthcare firm Independent Clinical Services
(ICS) will be backed with around 240 million pounds ($408.43
million) of debt financing, banking sources said on Monday.
Towerbrook agreed to buy ICS earlier this month for an
undisclosed sum from Blackstone. Blackstone bought the company
in 2010 from Inflexion Private Equity and merged it with health
and social care staffing business Pulse, which it acquired from
HgCapital in the same year. [ID: nFWN0OQ00D]
JP Morgan and HSBC are leading the debt financing for
TowerBrook's buyout which will be shown to other lenders at a
bank meeting on Tuesday, the banking sources said.
The leveraged loan financing includes a 207 million pound,
seven-year term loan B paying 450 basis points over Libor. There
is also a 10 million pound revolving credit and a 22.5 million
pound acquisition facility.
Based in London, ICS provides staff, complex care services
and administrative outsourcing for clients in the healthcare
sector. It has a database of 20,000 on-call temporary healthcare
professionals, according to TowerBrook's website.
($1 = 0.5876 British Pounds)
(Editing by Christopher Mangham)