By Paul A. Harris
St. Louis, Nov. 28 - Alliance Imaging, Inc. priced an upsized $150 million add-on to its 7¼% senior subordinated notes due Dec. 15, 2012 (B3/B-) at 91.50 to yield 9.41% on Wednesday, according to an informed source.
The add-on was priced on top of the 91.50 price talk.
Deutsche Bank Securities ran the books for the quick-to-market deal, which was upsized from $125 million, and which generated $137.25 million of proceeds.
The new notes are non-fungible with the existing notes and will trade under a different Cusip.
The proceeds will be used to repay bank debt and for general corporate purposes.
The original $150 million issue priced at par on Dec. 10, 2004, bringing the total issue size to $300 million following Wednesday's add-on.
The issuer is an Anaheim, Calif.-based diagnostic imaging systems operator for more than 1,300 hospitals and other health care providers in nearly 45 states.
| Issuer: | Alliance Imaging, Inc.
|
| Amount: | $150 million (increased from $125 million)
|
| Proceeds: | $137.25 million
|
| Maturity: | Dec. 15, 2012
|
| Security description: | Add-on to senior subordinated notes
|
| Bookrunner: | Deutsche Bank Securities
|
| Coupon: | 7¼%
|
| Price: | 91.50
|
| Yield: | 9.41%
|
| Spread: | 593 bps
|
| Call features: | Callable after Dec. 15, 2007 at 103.625, 101.813, par on Dec. 15, 2009 and thereafter
|
| Equity clawback: | Until Dec. 15, 2007 for 40% at 107.25
|
| Trade date: | Nov. 28
|
| Settlement date: | Dec. 4 (settles flat)
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A
|
| Price talk: | 91.50
|
| Original issue: | $150 million price at par on Dec. 10, 2004
|
| Total issue size: | $300 million
|
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