E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 12/13/2007 in the Prospect News High Yield Daily.

MQ Associates, MedQuest accept tenders for 0.61% of 12¼% discount notes, 1.6% of 11 7/8% notes

By Jennifer Chiou

New York, Dec. 13 - MQ Associates, Inc. said it accepted $835,000, or 0.61%, of its $136 million principal amount at maturity of 12¼% senior discount notes due 2012 and $2.83 million, or 1.6%, of subsidiary MedQuest, Inc.'s $180 million of 11 7/8% senior subordinated notes due 2012 in change-of-control tender offers.

The tender offers expired at 8 a.m. ET on Dec. 12.

The payout for the 12¼% discount notes was 101% of the accreted value up to but excluding the settlement date.

MedQuest paid 101% of par for the 11 7/8% notes plus accrued interest up to but excluding the settlement date.

The change of control occurred on Nov. 9 when MQ Associates was acquired by Novant Health, Inc. for $45 million in cash. MQ Associates is also eligible for a contingent consideration of up to $35 million based on the company's adjusted EBITDA during the 2008 fiscal year.

D.F. King & Co., Inc. (800 290-6426 or 212 269-5550) was the information agent.

MQ Associates is a holding company that owns 100% of MedQuest's outstanding stock. MedQuest is an Alpharetta, Ga.-based operator of outpatient diagnostic imaging centers.

Novant Health is a not-for-profit integrated group of hospitals and physician clinics in North and South Carolina.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.