Sun Healthcare to start roadshow Tuesday for $200 million eight-year notes

By Paul A. Harris

St. Louis, March 12 - Sun Healthcare Group, Inc. will begin a roadshow on Tuesday for its $200 million offering of eight-year senior subordinated notes (B3/CCC+), according to a market source.

The Rule 144A notes are expected to price late next week.

Credit Suisse, CIBC World Markets and UBS Investment Bank are joint bookrunners. Jefferies & Co. is a co-manager.

The offering was decreased from $250 million trailing a successful equity offering.

The notes will come with four years of call protection.

Proceeds will be used to help complete the acquisition of Harborside Healthcare Corp.

Sun Healthcare is an Irvine, Calif., provider of long-term and post-acute care medical facilities and services.

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