Published on 8/5/2015 in the Prospect News High Yield Daily.
New Issue: Emdeon prices $250 million 5.5-year notes at par to yield 6%
By Paul A. Harris
Portland, Ore., Aug. 5 – Emdeon Inc. priced a $250 million issue of 5.5-year senior notes (Caa1/CCC+) at par to yield 6% on Wednesday, according to a syndicate source.
The yield printed at the tight end of the 6% to 6¼% yield talk.
Citigroup Global Markets Inc., BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., Jefferies LLC, Mizuho and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
The Nashville, Tenn.-based provider of billing and information services to the health care sector plans to use the proceeds to help fund its acquisition of Altegra Health, Inc., a Miami Lakes, Fla.-based provider of payment solutions to health care providers.
| Issuer: | Emdeon Inc.
|
| Amount: | $250 million
|
| Maturity: | Feb. 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., Jefferies LLC, Mizuho, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 435 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2017, then callable at 104.5
|
| Trade date: | Aug. 5
|
| Settlement date: | Aug. 12
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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