aaiPharma eight-year notes talked in 11% area, pricing Wednesday

By Paul A. Harris

St. Louis, Mo., March 25 - aaiPharma, Inc.'s upcoming offering of $175 million senior subordinated notes due 2010 (Caa1/B-) is talked at a yield in the 11% area, according to a syndicate source

The deal is expected to price Wednesday.

Banc of America Securities is bookrunner on the Rule 144A notes. CIBC World Markets and Wachovia Securities are co-managers.

The notes are non-callable for four years.

Proceeds will be used by the Wilmington, N.C. company to fund the acquisition of U.S. rights to the Darvon and Darvocet family of pain products from Eli Lilly.

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