By Paul A. Harris
St. Louis, Feb. 26 - InSight Health Services Corp. priced a $25 million add-on to its 9 7/8% senior subordinated notes due Nov. 1, 2011 (B3/B-) Thursday at 101.0, according to an informed source.
The transaction resulted in a 9.636% yield to worst and a 9.682% yield to maturity.
Banc of America Securities ran the books on the Rule 144A add-on.
Proceeds will be used to partially fund the acquisition of Comprehensive Medical Imaging from Cardinal Health and for general corporate purposes.
The original $225 million offering priced on Oct. 25, 2001.
The issuer is a Newport Beach, Calif.-based provider of diagnostic imaging and information, treatment and related management services.
| Issuer: | InSight Health Services Corp.
|
| Amount: | $25 million
|
| Security description: | Add-on to the 9 7/8% senior subordinated notes due Nov. 1, 2011
|
| Maturity: | Nov. 1, 2011
|
| Bookrunner: | Banc of America Securities
|
| Coupon: | 9 7/8%
|
| Price: | 101.0
|
| Yield to worst: | 9.636%
|
| Yield to maturity: | 9.682%
|
| Spread: | 588 basis points
|
| Call features: | Callable after Nov. 1, 2006 at 104.938, 103.292, 101.646, par on Nov. 1, 2009 and thereafter
|
| Equity clawback: | Until Nov. 1, 2004 for 35% at 109.875
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 8, with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
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