U.S. Renal Care to start roadshow on Monday for $505 million eight-year notes backing LBO

By Paul A. Harris

Portland, Ore., June 7 – A $505 million offering of eight-year senior notes backing the leveraged buyout of U.S. Renal Care, Inc. is set to be marketed on a roadshow beginning on Monday in New York City, according to a market source.

An investor call is also scheduled to take place on Monday.

The roadshow travels to Boston on Tuesday, to Los Angeles on Wednesday and to San Francisco on Thursday, and the Rule 144A and Regulation S for life notes are set to price thereafter.

Barclays is the lead left bookrunner. BofA Securities Inc., BMO Securities, Macquarie Capital (USA) Inc., RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

Proceeds will be used to fund the buyout of U.S. Renal Care by an investor group comprised of Chris Brengard and the U.S. Renal Care management team, Bain Capital Private Equity, Summit Partners, Revelstoke Capital Partners and Mark Caputo.

The issuing entity will be BCPE Cycle Merger Sub II, Inc. prior to the completion of the buyout, whereupon the issuer will be U.S. Renal Care, a Plano, Tex.-based provider of dialysis services.

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