HCA Holdings decreases term B-6 to $1.5 billion with bond upsizing

By Sara Rosenberg

New York, March 1 – HCA Holdings Inc. downsized its seven-year term loan B-6 (Ba1/BBB-/BB+) to $1.5 billion from $2 billion and lifted its senior secured notes offering to $1.5 billion from $1 billion, according to a market source.

Price talk on the term loan B-6 is still Libor plus 325 basis points to 350 bps with no Libor floor and an original issue discount of 99.5, and the debt still has 101 soft call protection for one year.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds from the debt will be used to refinance the company’s term loan B-5 due March 2017 and for general corporate purposes.

HCA is a Nashville-based for-profit operator of health care facilities.

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