Apria starts roadshow Thursday for $600 million 5.5-year secured notes

By Paul A. Harris

St. Louis, May 13 - Apria Healthcare Group Inc. will begin a roadshow on Thursday for a $600 million offering of senior secured notes due Nov. 1, 2014, according to an informed source.

The roadshow wraps up on May 21, with pricing expected afterwards. An investor call will take place on Monday.

Banc of America Securities LLC, Wachovia Securities LLC and Barclays Capital Inc. are joint bookrunners for the Rule 144A with registration rights notes offer. Scotia Capital is co-manager.

The notes become callable on Nov. 1, 2011. They also feature a change of control put at 101.

Security for the notes is a first priority lien on substantially all tangible and intangible assets and capital stock and a second priority lien on the ABL collateral. The series A-1 notes will have priority over series A-2 debt in certain circumstances, including any acceleration of obligations in default or bankruptcy.

Credit ratings remain to be determined.

Proceeds will be used to refinance the bridge loan used to fund a leveraged buyout by the Blackstone Group. The loan was funded on Oct. 28, 2008

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

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