21st Century Oncology talks $400 million eight-year notes to yield in 10½% area; pricing Monday

By Paul A. Harris

Portland, Ore., April 24 – 21st Century Oncology, Inc. talked a $400 million offering of eight-year senior notes (Caa2) to yield in the 10½% area on Friday, according to an informed source.

Books close at 3 p.m. ET on Monday, and the Rule 144A for life deal is set to price thereafter.

In addition to price talk there were also covenant changes.

Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., KeyBanc Capital Markets and HSBC Bank are the joint bookrunners.

The notes come with three years of call protection.

The Fort Meyers, Fla.-based provider of cancer treatment services plans to use the proceeds, together with cash on hand and new credit facilities, to repay its existing term loan, to redeem or repurchase its existing notes and for general corporate purposes.

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