By Paul A. Harris
Portland, Ore., July 29 – Akumin Inc. priced a downsized $375 million issue of seven-year senior secured notes (B2/B-) at par to yield 7½% on Thursday, according to market sources.
The issue size decreased from $500 million.
The yield printed at the wide end of the 7¼% to 7½% yield talk and well wide of initial guidance in the high 6% area.
Barclays was the left bookrunner. J.P. Morgan Securities LLC was a joint bookrunner.
The Plantation, Fla.-based outpatient diagnostic imaging services provider plans to use the proceeds to support the acquisition of Alliance HealthCare Services.
| Issuer: | Akumin Escrow Inc. (will be Akumin Inc. following the acquisition)
|
| Amount: | $375 million, decreased from $500 million
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| Maturity: | Aug. 1, 2028
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| Securities: | Senior secured notes
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| Left bookrunner: | Barclays
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| Joint bookrunner: | J.P. Morgan Securities LLC
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| Co-managers: | Raymond James & Associates, SVB Leerink LLC, PNC Capital Markets LLC and Regions Securities LLC
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| Coupon: | 7½%
|
| Price: | Par
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| Yield: | 7½%
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| Spread: | 648 bps
|
| First call: | Aug. 1, 2024 at 103.75
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| Trade date: | July 29
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| Settlement date: | Aug. 9
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| Ratings: | Moody’s: B2
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| S&P: B-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 7¼% to 7½%
|
| Marketing: | Roadshow
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