By Paul A. Harris
St. Louis, May 22 - Iasis Healthcare Corp. sold $100 million of senior subordinated notes due Oct. 15, 2009 (B3/CCC+) at par Thursday to yield 8½%, according to a syndicate source.
Price talk was for a yield in the 8½% area.
Banc of America Securities, Bear Stearns & Co. and Citigroup were joint bookrunners for the Rule 144A offering.
Proceeds will be used to repay existing debt and for capital expenditures and general corporate purposes.
The issuer is a Franklin, Tenn.-based owner and operator of acute care hospitals and networker of medium-sized hospitals in urban and suburban markets.
| Issuer: | Iasis Healthcare Corp.
|
| Issue: | Senior subordinated notes
|
| Amount: | $100 million
|
| Maturity: | Oct. 15, 2009
|
| Bookrunners: | Banc of America Securities, Bear Stearns, Citigroup (joint)
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 582 basis points
|
| Call features: | Callable on Oct. 15, 2006 at 104.25, then at 102.125
|
| Equity clawback: | Until Oct. 15, 2006 for 35% at 108.50
|
| Settlement date: | June 6, 2003 (T+10)
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Rule 144A Cusip: | 450725AC0
|
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