New Issue: AmeriPath prices $125 million seven-year six-month Libor plus 525 bps PIK toggle notes at 99.00

By Paul A. Harris

St. Louis, Feb. 5 - AmeriPath Intermediate Holdings, Inc. priced a $125 million issue of six-month Libor plus 525 basis points floating-rate pay-in-kind toggle notes due Feb. 15, 2014 (B-) at 99.00 on Monday, according to an informed source.

Wachovia Securities was the bookrunner for the notes, which were issued via Rule 144A with registration rights and via Regulation S. Goldman Sachs & Co. was the co-manager.

Proceeds will be used to repay the company's revolving credit facility and for general corporate purposes including various contemplated acquisitions.

The prospective issuer is a newly formed direct subsidiary of AmeriPath Holdings Inc. and a direct parent of AmeriPath, a Palm Beach Gardens, Fla., provider of advanced pathology testing and disease management services.

Issuer:	AmeriPath Intermediate Holdings, Inc.
Face amount:	$125 million
Proceeds:	$123.75 million
Maturity:	Feb. 15, 2014
Security description:	Senior unsecured floating-rate PIK toggle notes
Bookrunner:	Wachovia Securities
Co-manager:	Goldman Sachs & Co.
Cash coupon:	Six-month Libor plus 525 bps
PIK toggle coupon:	Six-month Libor plus 600 bps
Price:	99.00
Call features:	Callable on May 15, 2007 at par, May 15, 2008 at 102, May 15, 2009 at 101, par on and after May 15, 2010
Trade date:	Feb. 5
Settlement date:	Feb. 12
Rating:	Standard & Poor's: B-
Distribution:	Rule 144A with registration rights and Regulation S

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