Aurora talks $230 million seven-year notes with 10½% area yield

By Paul A. Harris

St. Louis, Dec. 10 - Aurora Diagnostics Inc. talked its $230 million offering of seven-year notes (/CCC+/) with a 10½% area yield on Friday, according to an informed source.

The Palm Beach Gardens, Fla.-based diagnostics company also increased call protection to four years from three years.

The notes, which will be issued via Aurora Diagnostics Holdings, LLC and Aurora Diagnostics Financing, Inc., are set to price on Monday.

Morgan Stanley & Co. Inc., Barclays Capital Inc. and UBS Investment Bank are the joint bookrunners for the Rule 144A with registration rights offering.

RBC Capital Markets Corp. and BMO Nesbitt Burns are the co-managers.

About $129 million of the proceeds from the sale of the notes will be used to repay bank debt. About $30 million of the proceeds will be used to consummate a pending acquisition, and about $65 million of the remaining proceeds for will be used for general corporate purposes, including working capital.

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