Executives of behavioral health services company Acadia Healthcare are looking to raise $450 million via a private offering of debt that will mature in 2028 and pay off notes scheduled to mature in the next two years.

Franklin-based Acadia finished the first quarter with more than $2.9 billion in long-term debt, more than half of it in the form of term loans. The company’s leaders are looking to redeem their $150 million of senior notes paying 6.125 percent interest and maturing next March as well as the $300 million worth of 5.125 percent notes that will come due in mid-2022. The new debt being marketed will 5.5 percent interest.

Acadia posted a first-quarter profit of $34.1 million on revenue of $783 million; both of those numbers were up slightly from the marks of early 2019. Shares of the company (Ticker: ACHC) were down about 2 percent to $28.73 Wednesday afternoon. They started 2020 at about $33.

This post originally appeared in our sister publication, the Nashville Post.

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