Radiology Partners selling $650 million five-year notes on Friday; talk 5 3/8% area yield

By Paul A. Harris

Portland, Ore., Dec. 3 – Radiology Partners, Inc. talked its $650 million offering of five-year senior secured notes to yield in the 5 3/8% area, according to a market source.

Books were scheduled to close late Thursday, and the Rule 144A and Regulation S deal is set to price on Friday.

Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Fifth Third Securities Inc. and BofA Securities Inc. are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The issuing entity will be RP Escrow Issuer, LLC, which is to be merged with an into Radiology Partners, Inc., a wholly owned subsidiary of Radiology Partners Holdings, LLC.

The El Segundo, Calif.-based radiology services provider plans to use the proceeds to fund its acquisition of the Mednax Radiology Solutions business from Florida-based physicians’ group Mednax.

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