Alderwoods $200 million eight-year notes talked to yield 7¾% area, to price Thursday

By Paul A. Harris

St. Louis, Aug. 4 - Alderwoods Group Inc.'s $200 million offering of eight-year senior notes is talked with a yield in the 7¾% area, an informed source said Wednesday.

The deal is expected to price Thursday afternoon.

Banc of America Securities LLC and Morgan Stanley will be joint bookrunners for the Rule 144A offering.

The notes will come with four years of call protection.

Proceeds will be used to fund the tender for the company's 12¼% senior notes due 2009 and to repay a subordinated loan due 2005.

The company is a Cincinnati funeral home and cemetery operator, formerly the Loewen Group.

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