Alliance HealthCare talks $590 million deal at Libor plus 400-425 bps

By Sara Rosenberg

New York, June 15 - Alliance HealthCare Services Inc. launched its $590 million senior secured credit facility on Wednesday with talk of Libor plus 400 basis points to 425 bps, according to a market source.

The facility consists of a $120 million five-year revolver and a $470 million seven-year term loan B.

The term loan B has a 1.5% Libor floor, is being offered at an original issue discount of 99 and includes 101 soft call protection for one year. The revolver has no Libor floor.

Commitments are due on June 27.

Barclays Capital Inc., Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal, with Barclays the left lead.

Proceeds will be used to refinance an existing credit facility, including an about $454 million term loan B.

Leverage is 2.7 times senior secured and 3.8 times net total.

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

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