Published on 4/17/2019 in the Prospect News High Yield Daily.
New Issue: Vizient prices $300 million eight-year notes at par to yield 6¼%
By Paul A. Harris
Portland, Ore., April 17 – Vizient, Inc. priced a $300 million issue of eight-year senior notes (B3/existing B-) at par to yield 6¼% on Wednesday, according to market sources.
The yield printed 12.5 basis points inside of yield talk in the 6½% area. Initial guidance was in the high 6% area.
J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The Irving, Tex.-based member-driven health care performance company plans to use the proceeds, along with proceeds from its $500 million term loan, to refinance debt.
| Issuer: | Vizient, Inc.
|
| Amount: | $300 million
|
| Maturity: | May 15, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 373 bps
|
| Call protection: | Three years
|
| Trade date: | April 17
|
| Settlement date: | May 6
|
| Ratings: | Moody's: B3
|
| S&P: B- (existing)
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6½% area
|
| Marketing: | Roadshow
|
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