An auction held last Thursday night resulted in a $44.2 million trade of Integrated Health Services bank debt. Dealers said there were two small trades earlier in the week at levels in the same range. Bank of Nova Scotia was rumored to be the seller of the piece. A bank spokesman did not return calls by press time. Mariner Post Acute Health Network also traded at 51-53 last week, although the size of the trade could not be ascertained. Integrated Health, based in Sparks, Md., owns or operates approximately 365 nursing homes and more than 15 specialty hospitals that offer wound management, cardiac care, Alzheimer's disease treatment, and other rehabilitation services. A company spokesman did not return calls by press time.
Integrated Health has a $2.15 billion deal that breaks down into three tranches. Salomon Smith Barney and TD Securities are the lead arrangers, according to Capital DATA Loanware. Pricing is linked to the company's leverage ratios.