Acadia adding dry powder

Jacobs-led psych hospital files to sell debt

Booming behavioral health care provider Acadia Healthcare plans to sell $150 million in eight-year debt as it continues to build out its network.

Proceeds from the offering — which is being made only to institutional buyers — are to be used for “general corporate purposes,” including acquisitions. The expected $150 million raise will give Chairman and CEO Joey Jacobs and his team more capacity to build out a network that grew considerably in 2012 via acquisitions and the addition of beds at already owned facilities. As part of its year-end purchase of Behavioral Centers of America and AmiCare Behavioral Centers, the Acadia team upsized its bank debt package and now has at its disposal almost $150 million in term loan capacity, a $100 million revolving credit line and the option to add $50 million in debt.

At the end of 2012 and nationwide, Acadia ran 42 facilities that had more than 3,100 licensed beds.

Shares of the company (Ticker: ACHC) closed Monday trading up more than 5 percent at $27.84 and have risen about 20 percent year to date, giving Acadia a market cap of $1.2 billion.