InSight Health talks $250 million six-year floater at Libor plus 500 bps area; pricing Friday

By Paul A. Harris

St. Louis, Sept. 15 - InSight Health Services Corp. talked its $250 million offering of six-year senior secured floating-rate notes at three-month Libor plus 500 basis points area on Thursday, according to an informed source.

Meanwhile the company increased the first call premium, which takes effect on Nov. 1, 2006, to 103 from 102.

The books close Friday morning with pricing expected thereafter.

Banc of America Securities LLC has the books for the Rule 144A/Regulation S offering.

Proceeds will be used to repay the company's existing credit facility and for general corporate purposes. If the issue is upsized, InSight intends to purchase a portion of its existing 9 7/8% senior subordinated notes due 2011.

Moody's Investors Service assigns its B2 rating to the notes. Standard & Poor's rates the notes B.

InSight is a Lake Forest, Calif., provider of diagnostic imaging services.

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