A Medical Device Daily

Emeritus (Seattle), a provider of assisted living and Alzheimer’s and related dementia care services, reported obtaining a new $25 million unsecured line of credit from Wells Fargo Bank, National Association.

The $25 million unsecured facility bears a variable interest rate of one-half of one percent below Wells Fargo’s prime rate, based on outstanding borrowings, and matures in February 2009.

Raymond Brandstrom, executive VP/CFO, said, “The new unsecured credit facility ... will allow us to continue to maintain a strong balance sheet, while providing us an additional source of capital for general corporate purposes.”

Emeritus currently operates 287 communities in 37 states representing capacity for about 24,680 units and 29,522 residents.

Alliance Imaging (Anaheim, California) reported that it has begun an offer to exchange up to $150 million of its 7-1/4% series B senior subordinated notes, due 2012, for any and all of its outstanding 7-1/4% senior subordinated notes, due 2012, which were issued in a private placement.

The purpose of the exchange offer is to fulfill the obligations of Alliance with respect to the registration of the private notes, it said.

The exchange offer will expire at midnight, EDT, March 11, unless extended.

In other financing news:

• Varian (Palo Alto, California) reported that its board has authorized the repurchase of up to $100 million in shares of its common stock, effective until Dec. 31, 2009.

The company said the timing and actual number of shares repurchased will depend on a variety of factors including price and regulatory requirements.

The company’s previous $100 million stock repurchase program, approved January 2007 and effective until Dec. 31, 2008, was completed this month. Varian repurchased 1,738,100 shares of its common stock, including 667,860 shares repurchased for $36.1 million in the current quarter. As of Dec. 28, 2007, the company had 30,430,249 common shares outstanding.

Varian is a supplier of scientific instruments and vacuum technologies for life science and industrial applications.

• Methodist Healthcare-Memphis Hospitals (Memphis, Tennessee) has initiated a tender offer for certain designated maturities of its bonds. The maturities for which the tender is applicable are: Series 1985C Bonds, maturing in 2014; Series 1995 Bonds, all maturities; and Series 1998 Bonds, maturing in 2011, 2012, 2013 and 2018.

Methodist will call for redemption of all bonds of the designated maturities not tendered through the offer. Redemption of the Series 1995 Bonds and the Series 1998 Bonds will be on May 15, 2008, and the redemption of the Series 1985C Bonds will be on Aug. 1, 2008. The settlement date for the redemption dates for each Series — the Series 1995 Bonds and the Series 1998 Bonds tendered will settle on May 15, 2005, and the Series 1985C Bonds tendered will settle on Aug. 1, 2008.

The offer will expire at 5 p.m., EDT, March 24, unless terminated or extended.