Alliance plans financial restructuring
Outpatient imaging provider Alliance HealthCare Services plans to restructure its debts, offering $200 million aggregate principal amount of seven-year senior notes in a private offering and negotiating and a new senior secured credit agreement with a syndicate of lenders.
Outpatient imaging provider Alliance HealthCare Services plans to restructure its debts, offering $200 million aggregate principal amount of seven-year senior notes in a private offering and negotiating and a new senior secured credit agreement with a syndicate of lenders. The company, which serves more than 1,000 hospitals and other healthcare clients in 45 states, expects the new senior secured credit agreement to include a $450 million term loan with a 6½-year maturity, and a $120 million revolving facility with a five-year maturity. Alliance intends to use the net proceeds of the offering, together with the proceeds from the term loan, to finance the purchase of its outstanding $300 million aggregate principal amount of 7¼% Senior Subordinated Notes due 2012. Remaining proceeds would be used to help refinance Alliance’s existing credit agreement, as well as pay fees and expenses related to the issuance and sale of the notes, the new credit agreement, and the tender offer and consent solicitation.
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