Moody's: Nephrology on upgrade review

Moody's Investors Service said it placed the ratings of National Nephrology Associates Inc. under review for possible upgrade following its announcement that it agreed to be acquired by Renal Care Group Inc.

Placed under review for upgrade are National Nephrology's B1 senior implied rating, B2 senior unsecured issuer rating, and B3 rated $160 million senior subordinated notes due 2011.

Under terms of the agreement, the total consideration of $345 million will consist of a cash payment of about $167 million to National Nephrology's equity holders and the assumption of National Nephrology's outstanding debt, including the company's $160 million of 9% senior subordinated notes due 2011, other debt and capital leases.

The transaction is scheduled to close by March 31.

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