By Paul A. Harris
St. Louis, April 20 - Curative Health Services Inc. sold $185 million of seven-year senior notes (B3/B-) Tuesday at par to yield 10¾%, according to an informed source.
Price talk was 9¾% to 10%.
UBS Investment Bank ran the books on the Rule 144A/Regulation S issue.
Proceeds will be used to finance the acquisition of Critical Care Systems.
Curative Health Services is a Hauppauge, N.Y.-based specialty pharmacy services and specialty healthcare services provider to patients with chronic and serious medical conditions.
| Issuer: | Curative Health Services Inc.
|
| Amount: | $185 million
|
| Maturity: | May 1, 2011
|
| Security description: | Senior notes
|
| Bookrunner: | UBS Investment Bank
|
| Coupon: | 10¾%
|
| Price: | Par
|
| Yield: | 10¾%
|
| Spread: | 661 basis points
|
| Call features: | Callable after May 1, 2008 at 105.375, 102.688, par on or after May 1, 2010
|
| Equity clawback: | Until May 1, 2007 for 35% at 110.75
|
| Pricing date: | April 20
|
| Settlement date: | April 23
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 9¾%-10%
|
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