Genesis HealthCare starts roadshow Wednesday for $200 million 10-year notes

By Paul A. Harris

St. Louis, Oct. 14 - Genesis HealthCare Corp. starts the roadshow Wednesday for an offering of $200 million senior subordinated notes due 2013 (B3/B-), according to a syndicate source.

The roadshow is set to conclude on Oct. 23.

Lehman Brothers and Credit Suisse First Boston are joint bookrunners on the Rule 144A deal. Goldman Sachs & Co., Wachovia Securities, Jefferies & Co. and Legg Mason are co-managers.

The notes will be non-callable for five years.

Proceeds from the will be used to repay the company's existing debt as part of Genesis Health Ventures, Inc.'s spin-off of Genesis HealthCare, which provides healthcare services to the elderly.

Kennett Square, Pa.-based Genesis Health Ventures will guarantee the notes until the spin-off is complete, expected to be in early November.

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