Published on 9/27/2011 in the Prospect News High Yield Daily.
New Issue: HCA prices $500 million seven-year bullet notes at par to yield 8%
By Paul A. Harris
Portland, Ore., Sept. 27 - HCA Inc. priced a $500 million issue of non-callable seven-year senior notes (B3/B-) at par to yield 8% on Tuesday, according to an informed source.
The yield printed at the tight end of the 8% to 8¼% price talk.
Barclays Capital Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC were the joint bookrunners for the quick-to-market issue.
Proceeds will be used for general corporate purposes including funding a portion of the acquisition of the remaining ownership interest in the HCA-HealthONE LLC joint venture currently owned by the Colorado Health Foundation.
HCA is a Nashville-based operator of acute care, psychiatric and rehabilitation hospitals.
Issuer: | HCA Inc.
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Amount: | $500 million
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Maturity: | Oct. 1, 2018
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Securities: | Senior notes
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Bookrunners: | Barclays Capital Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Wells Fargo Securities, LLC
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Co-managers: | Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., SunTrust Robinson Humphrey, Inc.
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Coupon: | 8%
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Price: | Par
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Yield: | 8%
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Spread: | 652 bps
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Make-whole call: | Treasuries plus 50 bps
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Change of control put: | 101%
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Trade date: | Sept. 27
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Settlement date: | Oct. 3
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Ratings: | Moody's: B3
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| Standard & Poor's: B-
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Distribution: | SEC registered
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Price talk: | 8% to 8¼%
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Marketing: | Quick-to-market
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