Rural/Metro subsidiaries plan $200M notes offering

Mon, 10/18/2010 - 4:45am
The Associated Press

Rural/Metro Corp., a provider of medical ambulance response services, said Monday that two of its subsidiaries plan to begin a private offering of $200 million senior notes due 2018.

The issuers are Rural/Metro Operating Co. LLC and Rural/Metro (Delaware) Inc.

The two units also plan to negotiate $175 million in secured financing to replace an existing senior secured revolving credit, term loan and letter of credit facilities.

The offering's proceeds, coupled with borrowings from its new credit facility, will be used to refinance outstanding debt under its existing credit agreement and to refinance outstanding senior notes due 2016; to pay related fees and expenses; to pay off cash collateralized letters of credit and for working capital and general corporate purposes.


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