Alaris Medical $150 mln 5-year senior secured notes to price Thursday

By Paul A. Harris

St. Louis, Mo., Oct. 9-Alaris Medical Systems plans to price $150 million senior secured notes due 2006 (B2/B+) Thursday afternoon, an informed source told Prospect News. UBS Warburg and Bear Stearns & Co. are joint bookrunners.

The roadshow commenced Tuesday in California, the source said.

The notes are non-callable for four years. Proceeds will be used to repay bank debt and to repurchase the company's 7¾% convertible securities. The company designs, manufactures and sells intravenous infusion therapy, and is based in San Diego, the source said.

In a separate press release, Tuesday, Alaris announced higher than expected sales for the quarter ended Sept. 30: adjusted EBITDA "is anticipated to be approximately $1 million higher than the top end of the previously forecasted (Aug. 2) range of $18 million to $20 million," the release stated.

The company also forecast fourth quarter sales to be 8%-10% higher than 2000 fourth quarter sales of $102.2 million, according to the release, which added that adjusted EBITDA is now forecast to be $23 million to $25 million for the fourth quarter (2001) and $82 million to $84 million for the full year.

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