Daily News: September 19, 2014

BofA, RBC, SunTrust Commit Financing for Providence Buy

Paul Hastings announced the firm represented The Providence Service in an agreement to acquire CCHN Group Holdings (Matrix Medical Network) for an aggregate purchase price of $400 million.

Providence received financing commitments from Bank of America Merrill Lynch, RBC Capital Markets, and SunTrust Robinson Humphrey to fund the cash portion of the purchase price. Hastings is also representing Providence in connection with the financing.

The Providence Service is provides management and human social, global employment and non-emergency transportation services through a variety of government-sponsored programs.

Scottsdale, AZ-based Matrix is a provider of in-home health assessment and care management services and a portfolio company of Welsh, Carson, Anderson & Stowe.

M&A partner Barry Brooks led the Paul Hastings team, which also included Leveraged Finance partner Michael Chernick, Securities partner Elizabeth Noe, Tax partner Joseph Opich, of counsel Darcy White and associate Hannah Kang.