Apria plans new credit facility for purchase by Blackstone

By Sara Rosenberg

New York, June 19 - Apria Healthcare Group Inc. has received a debt financing commitment that will include a new credit facility to help fund its buyout by the Blackstone Group, according to a market source.

Bank of America, Wachovia and Barclays Capital are the lead banks on the debt.

Under the agreement, Apria shareholders will receive $21.00 in cash per share. The transaction is valued at about $1.6 billion.

The acquisition is expected to close in the second half of 2008, subject to customary closing conditions, including approval by Apria's shareholders and termination or expiration of the Hart-Scott-Rodino regulatory waiting period.

Shareholder approval will be solicited at a special meeting that could occur as early as September.

As part of the buyout agreement, Apria and its advisers are permitted and intend to solicit alternative acquisition proposals from third parties until July 24.

Apria is a Lake Forest, Calif., home health care services company.

© 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.