Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced that it has completed the previously announced acquisition of three inpatient psychiatric hospitals from Haven Behavioral Healthcare for $91 million in cash. The facilities, with an aggregate of 166 acute inpatient psychiatric beds and total revenues of $43.4 million for the 12 months ended December 31, 2011, are located in Tucson, Arizona, Wichita Falls, Texas, and Ada, Oklahoma, which is our first facility in Oklahoma.
"This transaction is representative of continuing opportunities we see in the inpatient behavioral health industry, both to acquire selective, high quality facilities with outstanding teams that are leaders in their markets and to expand these facilities through the addition of new beds, enhanced marketing and a broader range of services," remarked Joey Jacobs, Chairman and Chief Executive Officer of Acadia. "We expect these facilities to produce incremental annualized earnings for Acadia of approximately $0.20 to $0.22 per diluted share, while improving our payor mix through increased acute psychiatric revenue and increasing our geographic revenue diversification."
Acadia also announced a $70 million expansion of its senior secured credit facility, which matures April 1, 2016. The increase consisted of a $25 million addition to facility's term loan, which now has a principal balance of approximately $155 million, and a $45 million addition to the facility's revolving line of credit to a total of $75 million. Availability under the revolving line of credit is now approximately $70 million.
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