Alliance HealthCare to launch $570 million credit facility on Monday

By Sara Rosenberg

New York, Nov. 12 - Alliance HealthCare Services Inc. is scheduled to hold a bank meeting on Monday to launch its proposed $570 million senior secured credit facility, according to a market source.

Deutsche Bank, Barclays and Morgan Stanley are the lead banks on the deal, with Deutsche the left lead.

The facility consists of a $450 million 61/2-year term loan and a $120 million five-year revolver, the source said, adding that price talk is not yet available.

It is targeted that the deal will have a quick syndication process as allocations are hoped to go out by the end of next week, the source remarked.

Proceeds will be used to help fund the purchase of the company's $300 million of 7¼% senior subordinated notes due 2012 and to refinance its existing credit facility.

Other funds for the refinancing will come from a $200 million senior notes offering and cash on hand.

Alliance HealthCare is a Newport Beach, Calif.-based provider of outpatient diagnostic imaging and radiation oncology services.

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