Rural/Metro starts roadshow for $200 million eight-year senior notes

By Paul A. Harris

Portland, Ore., June 21 - Rural/Metro Corp. began a roadshow on Tuesday for a $200 million offering of eight-year senior notes (Caa1/CCC+), according to an informed source.

The roadshow wraps up on Friday, and the deal is set to price thereafter.

Citigroup Global Markets Inc. is the left bookrunner. Credit Suisse Securities (USA) LLC and Jefferies & Co. are the joint bookrunners.

The Rule 144A for life notes come with high-yield incurrence-based covenants and with four years of call protection. The notes feature a 101% poison put.

Proceeds will be used to repay debt, including amounts outstanding under the company's existing credit facilities, and to repurchase parent notes.

The issuing entity will be WP Rocket Merger Sub, Inc., which will be merged with and into Rural/Metro.

The Scottsdale, Ariz.-based provider of emergency and non-emergency ambulance services and private fire protection services is being acquired by Warburg Pincus for $17.25 per share.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.