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U.S. Renal Care eyes April 28 for launch of $155 million facility
By Sara Rosenberg
New York, April 16 - U.S. Renal Care Inc. is targeting a bank meeting on April 28 to launch its proposed $155 million credit facility, according to a market source.
RBC is the lead bank on the deal.
The facility consists of a $30 million revolver and a $125 million term loan, the source said, adding that price talk is not yet available.
Proceeds from the credit facility, along with $47.5 million of mezzanine debt, will be used to help fund the acquisition of Dialysis Corp. of America Inc. in a transaction valued at about $112 million.
Under the terms of the agreement, U.S. Renal Care will commence a tender offer for all of the outstanding common shares of Dialysis Corp. of America for $11.25 per share in cash, followed by a merger to acquire all remaining outstanding shares at the same cash price paid in the tender offer.
The transaction is expected to close in May.
U.S. Renal Care is a Plano, Texas-based provider of outpatient dialysis services. Dialysis Corp. of America is a Linthicum, Md.-based provider of outpatient kidney dialysis centers.
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