Sun Healthcare sets talk for $200 million eight-year notes at 9¼%-9½%

By Michelle Anderson

Rochester, N.H., March 20 - Sun Healthcare Group Inc. set price talk for its $200 million offering of eight-year senior subordinated notes (B3/CCC+) at 9¼% to 9½% on Tuesday, according to an informed source.

The books will close at noon ET on Thursday, with the notes expected to price thereafter.

Credit Suisse, CIBC World Markets and UBS Investment Bank are joint bookrunners for the Rule 144A offering. Jefferies & Co. is a co-manager.

The notes will come with four years of call protection.

Proceeds will be used to fund 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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