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Kinetic Cuts Bond Sale to $1.65 Billion as Spreads Widen

Kinetic Concepts Inc., the wound care company that’s being bought by Apax Partners Inc., is cutting the size of a speculative-grade bond offering to $1.65 billion from $2.55 billion, according to a person with knowledge of the transaction.

The company delayed marketing of $900 million of senior unsecured notes, said the person, who declined to be identified because terms aren’t set. Kinetic still plans to sell $1.65 billion of senior secured second-lien debt due 2019 in euros and dollars, the person said.