HCA plans $500 million two-part split-rated offering

By Paul Deckelman

New York, Oct. 30 - HCA Inc. was heard by high yield market sources Thursday to be preparing to sell a $500 million split-rated (Ba1/BBB-) offering of bonds - possibly as soon as Friday, one source said, although no price talk has emerged on the issue.

The Nashville-based hospital operator plans to sell five-year and 30-year bonds, although the precise sizes of the two planned tranches was to be determined.

Deutsche Bank Securities and Merrill Lynch & Co. were heard to be the joint book-running managers for the offering, with Fleet Securities as a co-manager.

The company is expected to use the proceeds of the offering to pay down bank debt.

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