Apria buyout debt commitment totals $1.15 billion

By Sara Rosenberg

New York, June 20 - Apria Healthcare Group Inc.'s debt financing commitment for its buyout by the Blackstone Group totals $1.15 billion, according to an 8-K filed with the Securities and Exchange Commission Friday.

Bank of America, Wachovia and Barclays Capital are the lead banks on the debt.

A portion of the debt financing will come in the form of a new credit facility.

Under the agreement, Apria shareholders will receive $21.00 in cash per share. The transaction is valued at about $1.6 billion.

The acquisition is expected to close in the second half of 2008, subject to customary closing conditions including approval by Apria's shareholders and termination or expiration of the Hart-Scott-Rodino regulatory waiting period.

Shareholder approval will be solicited at a special meeting that could occur as early as September.

As part of the buyout agreement, Apria and its advisers are permitted and intend to solicit alternative acquisition proposals from third parties until July 24.

Apria is a Lake Forest, Calif., home health care services company.

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