By Paul A. Harris
Portland, Ore., Feb. 8 – Akumin Inc. priced a $75 million add-on to its 7% senior secured notes due Nov. 1, 2025 at 105 to yield 5.493% in a Monday drive-by, according to a market source.
The issue price came at the rich end of the 104.5 to 105 price talk.
Barclays, Citigroup Global Markets Inc., BBVA Securities Inc. were the joint bookrunners.
The Toronto-based provider of diagnostic imaging services plans to use the proceeds to fund acquisitions under its letter of intent and for general corporate purposes.
| Issuer: | Akumin Inc.
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| Amount: | $75 million
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| Maturity: | Nov. 1, 2025
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| Security description: | Add-on to 7% senior secured notes due Nov. 1, 2025
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| Bookrunners: | Barclays, Citigroup Global Markets Inc. and BBVA Securities Inc.
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| Coupon: | 7%
|
| Price: | 105
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| Yield: | 5.493%
|
| First call: | Nov. 1, 2022 at 103.5
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| Trade date: | Feb. 8
|
| Settlement date: | Feb. 11 with accrued interest
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 104.5 to 105
|
| Marketing: | Drive-by
|
| Original issue: | $400 million priced in October 2020
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