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Apria Healthcare's upsized, revised $900 million loan prices at 99
By Paul A. Harris
Portland, Ore., April 2 - Apria Healthcare Group Inc. priced an upsized $900 million Libor plus 500 basis points term loan (B2/BB) at 99, an informed source said on Tuesday.
The deal, which as upsized from $750 million, broke to 99¾ bid.
The Libor spread was increased from 450 bps.
Covenants were added to the deal, which launched as a covenant-lite loan.
There is a 1.25% Libor floor and 101 soft call protection for one year.
Bank of America Merrill Lynch, Goldman Sachs & Co., Barclays, Wells Fargo Securities LLC and Macquarie Capital are leading the deal.
Proceeds will be used to repay bonds.
Apria is a Lake Forest, Calif.-based home health-care services company.
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