Lifecare talks $150 million eight-year notes at 9%-9¼%; pricing Friday

By Paul A. Harris

St. Louis, Aug. 3 - Lifecare Holdings Inc. talked its $150 million offering of eight-year senior subordinated notes (Caa1/CCC+) at 9% to 9¼% on Wednesday, according to an informed source.

Pricing is expected on Friday.

Banc of America Securities LLC and JP Morgan are joint bookrunners for the Rule 144A offering.

The notes will be callable with a make-whole call at Treasuries plus 50 basis points for the first four years and then will become callable at a premium.

Proceeds will be used to fund the acquisition of the company by The Carlyle Group.

Lifecare is a Plano, Texas-based operator of long-term acute care hospitals.

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