New Issue: Akumin prices upsized $400 million five-year secured notes at par to yield 7%

By Paul A. Harris

Portland, Ore., Oct. 23 – Akumin Inc. priced an upsized $400 million issue of five-year senior secured notes (B3/B-) at par yield 7% on Friday, according to market sources.

The issue size increased from $375 million.

The yield printed in the middle of yield talk in the 7% area and tight to early guidance in the low 7% area.

Barclays was on the left of a syndicate of bookrunners that also included Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and BBVA Securities Inc.

The Toronto-based provider of diagnostic imaging services plans to use the proceeds to refinance its existing senior secured credit facilities.

Issuer:	Akumin Inc.
Amount:	$400 million, increased from $375 million
Maturity:	Nov. 1, 2025
Securities:	Senior secured notes
Bookrunners:	Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and BBVA Securities Inc.
Co-managers:	Raymond James & Associates, Inc., Craig-Hallum Capital Group LLC and William Blair & Co., LLC
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	661 bps
First call:	Nov. 1, 2022 at 103.5
Trade date:	Oct. 23
Settlement date:	Nov. 2
Ratings:	Moody's: B3
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	7% area
Marketing:	Roadshow

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.