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United Surgical Partners sets pricing in tender for 10% notes due 2011
New York, Aug. 7 - United Surgical Partners International, Inc. set pricing in its tender offer for its 10% senior subordinated notes due 2011.
For each $1,000 principal amount, the company will pay $1,063.67, including the $30.00 consent payment. Accrued interest will add a further $14.72.
Pricing was set using the present value of $1,050, the redemption amount of the notes on Dec. 15 - the first call date for the notes - discounted using the yield to maturity on the 2.875% Treasury due Nov. 31, 2006 and 50 basis points. The payout includes a consent payment of $30.00.
United Surgical Partners will also pay accrued interest to the purchase date.
As of 5 p.m. ET on Aug. 7, United Surgical had received tenders for $149.9 million or 99.3% of the notes, up from the $148.8 million or 99.2% previously announced as having been received by the consent deadline of July 27.
United Shipping plans to buy all notes tendered by Aug. 7 on Aug. 8.
At that time the previously executed supplemental indenture will go into effect. The changes eliminate the restrictive covenants and some events of default, modify the covenant regarding mergers, shorten the minimum redemption notice period to five days from 30 and modify provisions regarding defeasance to eliminate some conditions.
Meanwhile the tender continues through midnight ET, Aug. 10.
The tender started on July 14.
Bear, Stearns & Co. Inc. is the dealer manager solicitation agent (877 696-BEAR). D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 800 659-6590).
United Surgical is a Dallas-based owner and operator of surgical facilities.
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