Banks To Price $1B In Bonds For Apria Deal
October 10, 2008
Bank of America, Wachovia and Barclays are planning to issue $1 billion in senior secured notes for Lake Forest, Calif.-based Apria Healthcare to help fund the company's buyout by Blackstone Group.
It could not be determined when the bonds would price. The banks last week launched a $150 million asset-backed revolver at Libor plus 275 bps.
Apria provides home health services and equipment to patients in all 50 states. Moody's Investors Service last week assigned a Ba3 rating to the company and the debt.
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