By Paul A. Harris
St. Louis, Nov. 19 - Alliance Healthcare Services, Inc. priced a downsized $190 million issue of 8% seven-year senior notes (B3/B/) at 98.69 to yield 8¼% on Thursday, according to an informed source.
The yield printed on top of price talk.
Deutsche Bank Securities Inc., Barclays Capital Inc. and Morgan Stanley & Co. were the underwriters.
The Newport Beach, Calif.-based health care services provider will also put in place a $450 million 6.5-year term loan and a $120 million five-year revolving credit facility.
Proceeds, together with cash on hand, will be used to fund the tender for Alliance's outstanding $300 million of 7¼% senior subordinated notes due 2012 and to refinance an existing credit facility.
| Issuer: | Alliance Healthcare Services, Inc.
|
| Face amount: | $190 million, decreased from $200 million
|
| Proceeds: | $187.511 million
|
| Maturity: | Dec. 1, 2016
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Barclays Capital Inc., Morgan Stanley & Co.
|
| Coupon: | 8%
|
| Price: | 98.69
|
| Yield: | 8¼%
|
| Spread: | 539 bps
|
| First call: | Callable December 2012 at 104.0
|
| Trade date: | Nov. 19
|
| Settlement date: | Dec. 1
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S with registration rights
|
| Price talk: | 8¼% area
|
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