By Paul A. Harris
Portland, Ore., Jan. 24 – Radiology Partners, Inc. priced an upsized $710 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 9¼% on Friday, according to a market source.
The issue size increased from $610 million.
The yield printed at the tight end of the 9¼% to 9½% yield talk.
Barclays was the left bookrunner. Joint bookrunners were Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Fifth Third Securities Inc. and BofA Securities Inc.
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. Of the incremental proceeds resulting from the $100 million upsizing of the deal, $50 million will be used to repay the existing first-lien term loan, with the other $50 million to be used for general corporate purposes.
| Issuer: | Radiology Partners, Inc.
|
| Amount: | $710 million, increased from $610 million
|
| Maturity: | Feb. 1, 2028
|
| Securities: | Senior notes
|
| Left bookrunner: | Barclays
|
| Joint bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Fifth Third Securities Inc. and BofA Securities Inc.
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 758 bps
|
| Call protection: | Three years
|
| Trade date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9¼% to 9½%
|
| Marketing: | Roadshow
|
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