Medical Services talks $150 million six-year notes at Libor plus 675-700 bps

By Paul A. Harris

St. Louis, June 13 - Medical Services Co. issued price talk on its $150 million offering of six-year second-priority senior secured floating-rate notes (B3/B-) at three-month Libor plus 675 to 700 basis points, according to an informed source.

Books close Wednesday morning with pricing expected thereafter.

Banc of America Securities LLC has the books for the Rule 144A with registration rights offering. JP Morgan is the co-manager.

Proceeds, along with $30 million in holding company discount notes, will be used to refinance a $175 million senior secured bridge facility used for the leveraged buyout of the company.

The prospective issuer is a Jacksonville, Fla., provider of ancillary health care products and services to workers' compensation payors.

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