Rural/Metro to launch new credit facility next week via Citigroup

By Sara Rosenberg

New York, Feb. 3 - Rural/Metro Corp. is scheduled to hold a bank meeting sometime next week to launch a new senior secured credit facility in connection with its cash tender offer and consent solicitation for its $150 million 7 7/8% senior notes due 2008, according to a market source. Citigroup is the left lead bank on the deal.

No further details on the credit facility were available prior to press time.

The tender offer, which expires March 3, and consent solicitation, which expires Feb. 16, commenced on Thursday.

The company plans to use the new credit facility and proceeds from "the issuance or incurrence of other indebtedness" to help finance the tender offer and repay its existing credit facility, according to a company news release.

Rural/Metro is a Scottsdale, Ariz., provider of emergency and non-emergency medical transportation, fire protection and other safety services.

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