HCA talks $1.53 billion 10.5-year senior notes with 7¾% area yield

By Paul A. Harris

St. Louis, Nov. 9 - HCA Holdings, Inc. talked its $1.525 billion offering of 10.5-year senior notes (/B-/) with a 7¾% area yield on Tuesday, according to an informed source.

The quick-to-market deal is set to price on Wednesday morning.

Citigroup Global Markets Inc. is the left bookrunner for the Rule 144A and Regulation S with registration rights offering.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Barclays Capital Inc., Credit Suisse Securities, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. Inc. and Wells Fargo Securities are the joint bookrunners.

The notes come with five years of call protection and a three-year 35% equity clawback.

Proceeds, along with borrowings under HCA's senior secured credit facility, will be used to fund a $2 billion distribution to stockholders.

HCA is a Nashville-based hospital company.

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