Apria seeks consents to amend 11.25%, 12.375% senior notes due 2014

By Devika Patel

Knoxville, Tenn., March 31 - Apria Healthcare Group Inc. said it is seeking consents to amend its $700 million in 11.25% senior secured notes due 2014 and $317.5 million in 12.375% senior secured notes due 2014.

The company wishes to amend the notes' indentures in order to be able to make a one-time dividend or other distribution of up to $500 million to its equity holders. In order to fund the distribution, Apria expects to incur up to $450 million of new unsecured debt.

In order to adopt these amendments, the company needs the consent of holders of a majority of the notes.

The consent payment is $30 in cash per $1,000 of notes.

The consent solicitation will expire at 5 p.m. ET on April 9 and is open to holders of record as of 5 p.m. ET on March 30.

Banc of America Securities LLC (646 855-3401 or toll free 888 292-0070) and Wells Fargo Securities, LLC (704 715-8341 or toll free 866 309-6316) are the solicitation agents. Global Bondholders Services Corp. (866 612-1500) is the information and tabulation agent.

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

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