Ardent Health Services is close to securing the funds it needs to buy the Amarillo, Texas-based BSA Health System and refinance its senior secured debt. The company said it is looking to secure a $1.02 billion loan package and has received commitments from Bank of America Merrill Lynch and Barclays. It’s unclear exactly what Ardent is paying for BSA, as the loan package indicated includes the refinancing of existing loans.
The acquisition of BSA, which had $425 million in net patient revenues in the year ended Aug. 31, will give Ardent large health systems in three markets. The joint venture will oversee the purchase and subsequent administration of the following:
• a 445-bed flagship hospital
• the Don & Sybil Harrington Cancer Center
• a network of primary care, urgent care, surgical and bariatric clinics
• a preferred provider network
• interests in ADC Endoscopy, Advanced Imaging Center, and the two locations of Physician Surgical Hospitals
Burton Hills-based Ardent will own 80 percent of BSA when its purchase is finalized in January. The company and partner Baptist Community Services will equally share governance, according to a statement.