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Iasis Healthcare begins tender offer, consent bid for 8¾% notes
By Angela McDaniels
Tacoma, Wash., April 18 - Iasis Healthcare LLC began a tender offer and consent solicitation for the $475 million of 8¾% senior subordinated notes due 2014 it issued with Iasis Capital Corp., according to a company news release.
The company is soliciting consents to proposed amendments to the indenture governing the notes. Some of the amendments require consents from the holders of at least two-thirds of the outstanding notes, and the remainder require consents from the holders of at least a majority of the outstanding notes.
The tender offer will expire at 8 a.m. ET on May 16.
Holders who tender their notes and deliver consents by 5 p.m. ET on April 29 will receive $1,021.25 per $1,000 principal amount of notes plus accrued interest up to but excluding the payment date, which is expected to be May 3. This includes a consent payment of $10.00 per note.
Holders who tender their notes and deliver consents after the consent payment expiration but before the offer expiration will receive $1,011.25 per $1,000 principal amount of notes plus accrued interest up to but excluding the payment date, which is expected to be May 16.
The tender offer is subject to the receipt of enough funds on terms that are acceptable to the issuers and enough consents. It is also subject to Iasis amending and restating its existing credit facility to allow it to pay for the notes or terminating its existing credit facility and entering into a new credit facility.
According to a market source, the company plans to sell bonds and put in place a $1.24 billion credit facility.
The dealer manager and solicitation agent is Merrill Lynch (888 292-0070 or 980 388-9217). The information agent is Global Bondholder Services Corp. (866 736-2200 or 212 430-3774).
Iasis owns and operates medium-sized acute care hospitals. It is based in Franklin, Tenn.
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