By Paul A. Harris
St. Louis, Mo., June 20 - Extendicare Health Services, Inc. priced its offering of $150 million of senior notes due July 1, 2010 (B2/B-) at 99.75 on Thursday, to yield 9.545%, according to a syndicate source.
Price talk was 9½%-9¾%
Lehman Brothers ran the books. ABN Amro and US Bancorp Piper Jaffrey were the co-managers.
Proceeds from the Rule 144A notes will be used to repay debt.
The issuer is a provider of long term health care services. It is a wholly owned subsidiary of Markham, Ont.-based Extendicare, Inc.
Issuer: Extendicare Health Services, Inc.
Amount: $150 million
Maturity: July 1, 2010
Type: Senior notes
Bookrunner: Lehman Brothers
Co-managers: ABN Amro, US Bancorp Piper Jaffrey
Coupon: 9½%
Price: 99.75
Yield: 9.545%
Price talk: 9½%-9¾%
Spread: 525 basis points
Call features: Callable on July 1, 2006 at 104.75, 102.375, par on July 1, 2008 and thereafter
Equity clawback: Until July 1, 2005 for 35% at 109.50
Settlement date: June 28, 2002
Ratings: Moody's: B2
| Standard & Poor's: B-
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| Rule 144A CUSIP: | 302244AD0
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