Texas investors complete Iasis purchase - Philadelphia Business Journal:

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billion. Franklin-based Iasis was formed in 1999 by andother investors. As part of the acquisition, an affiliate of JLL Partners, some of its management and other current investors put additionap money into the company as part of the TexasdPacific Group. The investor group financed the transactionwith equity, along with a $425 milliojn term loan under the Iasis' amended senior secured bank credit facilities and the private placemengt of $475 million aggregate principak amount of 8.75 percent senior subordinated notes due 2014.
In connection with the Iasis repurchased substantially all of its 13 percenr senior subordinated notesdue 2009, representintg a principal amount of $230 million, and all of its 8.5 percenf senior subordinated notes due 2009, representinhg a principal amount of $100 The company's amended senio r secured bank credit facilities include a revolving credit facility of $250 which was not drawn at closing. Lehman Brothers Inc. and Merrill Lynch Co. advised Texas Pacific Groupp in connection withthe acquisition. Goldman Sachs Co. and Banc of America Securities LLCadviseds Iasis.
Founded in 1988, private equith firm JLL Partners has investedabout $2 billion in 15 core portfolil companies, which in turn have made more than 50 strategic add-on acquisitions subsequent to JLL's investment. Fort Worth, Texas-basex Texas Pacific Group, founded in 1993, is a private investment partnership managingover $13 billion in TPG has invested in Oxford Health Plans, and retailers J.Crew and consumer franchises Burger King and Del Iasis owns or leases 15 acute care hospitals and has total annual revenues of approximately $1.2 billion. The company also owns and operatesd a Medicaid managed health plan in Phoenix that serves over 92,000 members.