Published on 11/10/2010 in the Prospect News High Yield Daily.
New Issue: HCA prices $1.53 billion 10.5-year senior notes at par to yield 7¾%
By Paul A. Harris
St. Louis, Nov. 10 - HCA Holdings, Inc. priced a $1.525 billion issue of 10.5-year senior notes (Caa1/B-/CC) at par to yield 7¾% on Wednesday, according to an informed source.
The yield printed on top of the price talk.
Citigroup Global Markets Inc. was the left bookrunner for the quick-to-market issue.
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 were the joint bookrunners.
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.
| Issuer: | HCA Holdings, Inc.
|
| Amount: | $1.525 billion
|
| Maturity: | May 15, 2021
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | 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., Wells Fargo Securities
|
| Co-managers: | Credit Agricole CIB, Mizuho Securities USA Inc., RBC Capital Markets Corp., RBS Securities Inc., SMBC, SunTrust Robinson Humphrey Inc., Fifth Third Securities Inc., Morgan Keegan & Co. Inc.
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 506 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Nov. 15, 2015, then callable at 103.875, 102.583, 101.292, par on and after Nov. 15, 2018
|
| Equity clawback: | 35% at 107.75 until Nov. 15, 2013
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 10
|
| Settlement date: | Nov. 23
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Fitch: CC
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 7¾% area
|
| Marketing: | Quick to market
|
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