Apria Healthcare's upsized, revised $900 million loan prices at 99

By Paul A. Harris

Portland, Ore., April 2 - Apria Healthcare Group Inc. priced an upsized $900 million Libor plus 500 basis points term loan (B2/BB) at 99, an informed source said on Tuesday.

The deal, which as upsized from $750 million, broke to 99¾ bid.

The Libor spread was increased from 450 bps.

Covenants were added to the deal, which launched as a covenant-lite loan.

There is a 1.25% Libor floor and 101 soft call protection for one year.

Bank of America Merrill Lynch, Goldman Sachs & Co., Barclays, Wells Fargo Securities LLC and Macquarie Capital are leading the deal.

Proceeds will be used to repay bonds.

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

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