Psychiatric Solutions talks $150 million 10-year notes at 7¾%-8%; pricing Thursday

By Paul A. Harris

St. Louis, June 29 - Psychiatric Solutions Inc. talked its $150 million offering of 10-year senior subordinated notes (B3/B-) at 7¾% to 8% on Wednesday, according to a syndicate source.

Pricing is expected to take place on Thursday.

Citigroup has the books for the Rule 144A/Regulation S with registration rights offering. The co-managers are Banc of America Securities LLC, JP Morgan, Lehman Brothers and Merrill Lynch & Co.

The notes come with five years of call protection.

Proceeds will be used to fund a portion of the acquisition of 20 inpatient psychiatric facilities from Ardent Health Services and for general corporate purposes.

Psychiatric Solutions is a Franklin, Tenn.-based behavioral health care services company.

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