Market players are looking forward to the launch of Bank of America's roughly $200 million refinancing credit next week for Apria Healthcare Group. The new loan will reportedly pay down roughly $200 million in subordinated notes the company has outstanding and maturing in November 2002. Officials at Apria Healthcare did not return calls. Structuring on the new deal could not be determined by press time.
Sources said the company had very strong operating performance this past year and has also benefited from new reimbursement procedures since it signed its existing deal with Bank of America in 2000. One market player speculated that B of A was keeping the deal quiet since the company and sector have performed so well recently. Sources said the company is in a debt reduction mode and paid down roughly $50 million of its old deal, which comprises a $50 million revolver and a $239 million term loan.