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Apria lenders fund $1 billion bridge financing as LBO closes
By Paul A. Harris
St. Louis, Oct. 28 - Apria Healthcare Group, Inc.'s lenders funded a $1 billion senior secured bridge loan on Tuesday as the leveraged buyout of the home health care services company by the Blackstone Group closed, informed sources said.
The bridge loan is intended to be taken out with the issuance of senior secured notes.
Banc of America Securities LLC, Wachovia Securities and Barclays Capital are the bridge lenders.
The $1.7 billion transaction, which includes retired debt and associated costs, also included about $670 million in buyer equity and a $30 million draw of Apria's senior secured asset-based revolver.
Apria is based in Lake Forest, Calif.
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