American Renal starts roadshow for $225 million eight-year notes

By Paul A. Harris

St. Louis, April 21 - American Renal Holdings Inc. began a roadshow on Wednesday for its $225 million offering of eight-year senior secured notes, according to an informed source.

The roadshow wraps up on April 28, and the deal is set to price thereafter.

Bank of America Merrill Lynch, Barclays Capital Inc. and Wells Fargo Securities are the joint bookrunners for the Rule 144A with registration rights deal.

The notes come with three years of call protection and a 101% poison put.

Credit ratings remain to be determined.

Proceeds are to be deposited into an escrow account and, upon release, be used in conjunction with a cash equity investment from Centerbridge Partners LP to fund the acquisition of the company from Pamlico Capital. Proceeds also will be used to repay debt.

American Renal is a Beverly, Mass.-based provider of kidney dialysis services.

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