New Issue: Physiotherapy sells $210 million 11 7/8% seven-year notes at 98.841 to yield 12 1/8%

By Paul A. Harris

Portland, Ore., April 18 - Physiotherapy Associates Holdings, Inc. priced a $210 million issue of 11 7/8% seven-year senior notes (B3/B-/) at 98.841 to yield 12 1/8% on Wednesday, according to an informed source.

The yield printed 12.5 basis points below the low end of the 12¼% to 12½% yield talk.

Jefferies & Co. and RBC Capital Markets Corp. were the joint bookrunners.

Proceeds will be used to help fund the buyout of the company by Court Square Capital.

Other funding will come in the form of a $125 million credit facility.

Physiotherapy Associates is an Exton, Pa.-based provider of outpatient rehabilitation.

Issuer:	Physiotherapy Associates Holdings, Inc.
Face amount:	$210 million
Proceeds:	$207,566,000
Maturity:	May 1, 2019
Securities:	Senior notes
Bookrunners:	Jefferies & Co. Inc., RBC Capital Markets LLC
Coupon:	11 7/8%
Price:	98.841
Yield:	12 1/8%
Call features:	Make-whole call until May 1, 2015, then callable at 108.906, 105.938, 102.969, par on and after May 1, 2018
Equity clawback:	35% at 111.875 until May 1, 2015
Change-of-control put:	101%
Trade date:	April 18
Settlement date:	April 30
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	12¼% to 12½%
Marketing:	Roadshow

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