By Paul A. Harris
St. Louis, Sept. 16 - InSight Health Services Corp. priced an upsized $300 million issue of six-year senior secured floating-rate notes (B2/B) at 99.50 on Friday, according to an informed source.
The notes will pay a coupon that will float at three-month Libor plus 525 basis points.
The coupon came wide of the three-month Libor plus 500 bps area price talk.
Banc of America Securities LLC ran the books for the Rule 144A/Regulation S offering. CIBC World Markets was the co-manager.
Proceeds will be used to repay the company's existing credit facility and for general corporate purposes. At the time of the original announcement, InSight said that if the issue was upsized it also intended to purchase a portion of its existing 9 7/8% senior subordinated notes due 2011.
The issue was upsized from $250 million.
InSight is a Lake Forest, Calif., provider of diagnostic imaging services.
| Issuer: | InSight Health Services Corp.
|
| Amount: | $300 million (increased from $250 million)
|
| Maturity: | Nov. 1, 2011
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| Security description: | Senior secured floating-rate notes
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| Bookrunner: | Banc of America Securities LLC
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| Co-manager: | CIBC World Markets
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| Coupon: | Three-month Libor plus 525 basis points
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| Price: | 99.50
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| Trade date: | Sept. 16
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | Three-month Libor plus 500 bps area
|
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