Published on 4/9/2010 in the Prospect News High Yield Daily.
New Issue: Radiation Therapy prices $310 million 9 7/8% seven-year notes at 99.371 to yield 10%
By Paul A. Harris
St. Louis, April 9 - Radiation Therapy Services, Inc. priced a $310 million issue of 9 7/8% seven-year senior subordinated notes (Caa1/CCC+/) at 99.371 to yield 10% on Friday, according to informed sources.
The yield printed at the tight end of the 10% to 10¼% yield talk. The reoffer price came rich to discount talk of approximately 1 to 2 points.
Wells Fargo Securities, Bank of America Merrill Lynch and Barclays Capital Inc. were the joint bookrunners.
Co-managers were Daiwa Capital Markets America Inc. and Fifth Third Securities, Inc.
Proceeds will be used to refinance existing debt, as well as to fund ongoing working capital and for other general corporate purposes, including acquisitions.
The company is a Fort Myers, Fla.-based provider of radiation therapy services to cancer patients.
| Issuer: | Radiation Therapy Services, Inc.
|
| Face amount: | $310 million
|
| Proceeds: | $308.05 million (approximate)
|
| Maturity: | April 15, 2017
|
| Securities: | Senior subordinated notes
|
| Bookrunners: | Wells Fargo Securities, LLC, Bank of America Merrill Lynch, Barclays Capital Inc.
|
| Co-managers: | Daiwa Capital Markets America Inc. and Fifth Third Securities, Inc.
|
| Coupon: | 9 7/8%
|
| Price: | 99.371
|
| Yield: | 10%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 15, 2014, the callable at 104.938, 102.469, par on and after April 15, 2016
|
| Equity clawback: | 35% at 109.875 until April 15, 2013
|
| Trade date: | April 9
|
| Settlement date: | April 20
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A/Regulation S with registration rights
|
| Price talk: | 10% to 10¼%, with approximately 1-2 points OID
|
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