Radiology Partners talks $610 million eight-year notes at 9¼%-9½%; pricing Friday

By Paul A. Harris

Portland, Ore., Jan. 23 – Radiology Partners, Inc. talked its $610 million offering of eight-year senior notes (Caa2/CCC+) to yield 9¼% to 9½%, according to a market source.

Books close at 9 a.m. ET on Friday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

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

The notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The El Segundo, Calif.-based hospital-based radiology services provider plans to use the proceeds to pay off its revolver and second-lien term loan and for general corporate purposes.

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