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Sonic Healthcare Sells $250 Million of 10-Year Bonds

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Dec. 3 (Bloomberg) -- Sonic Healthcare Ltd., the largest provider of medical tests in Australia, sold $250 million of 10-year bonds to private investors in the U.S.

The 5.1 percent notes were priced to yield 215 basis points more than Treasuries, the Sydney-based company said in a statement released to the Australian stock exchange. Proceeds will be used to repay bank loans and fund growth, it said.

Sonic has spent more than $1.8 billion on acquisitions in the past five years, according to data compiled by Bloomberg. The company last month agreed to buy CBLPath Inc. for $123.5 million, saying the deal will boost sales and cut costs.

Sonic sold $250 million of seven- and 10-year bonds to U.S. private investors in November 2009, pricing the notes at a 225 basis-point spread, according to a regulatory filing at the time. The company has A$482 million ($471 million) of loan facilities maturing next year, Bloomberg data show.

To contact the reporter on this story: Lisa Pham in Sydney at lpham14@bloomberg.net.

To contact the editor responsible for this story: Will McSheehy at wmcsheehy@bloomberg.net

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