Symbion to price $179.84 million 11% PIK toggle notes due August 2015 on Thursday

By Paul A. Harris

St. Louis, May 19 - Symbion Inc. began a brief roadshow on Monday for its $179.84 million offering of 11% senior pay-in-kind toggle notes due Aug. 1, 2015 (Caa1/CCC+), according to an informed source.

The notes are expected to price on Thursday.

Merrill Lynch & Co. and Banc of America Securities LLC are joint bookrunners for the Rule 144A for life notes.

The coupon toggles up to 11¾% should the company elect to make an in-kind, as opposed to cash, interest payment.

The notes come with three years of call protection.

Proceeds will be used to repay the bridge loan incurred in the leveraged buyout of the company by Crestview Partners LP.

Symbion initially planned to raise cash in the junk market in 2007 but withdrew due to the sell-off in the credit markets.

Symbion is a Nashville-based owner and operator of surgical care facilities.

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