Rural/Metro plans to launch $175 million credit facility Wednesday

By Sara Rosenberg

New York, Oct. 18 - Rural/Metro Corp. is scheduled to hold a conference call on Wednesday to launch its proposed $175 million secured credit facility, according to a market source.

RBC Capital Markets is the lead bank on the deal.

The facility consists of a $75 million term loan and a $100 million revolver, the source said.

Proceeds will be used, along with $200 million of senior notes, to refinance the company's existing senior secured revolver, term loan and letter-of-credit facilities, to fund a tender offer for its senior discount notes, to pay off cash collateralized letters of credit, and for working capital and general corporate purposes.

Rural/Metro is a Scottsdale, Ariz.-based provider of medical ambulance response services.

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