Iasis Healthcare starts roadshow for $935 million eight-year notes

By Paul A. Harris

Portland, Ore., April 25 - Iasis Healthcare LLC and Iasis Healthcare Corp. began a brief roadshow on Monday for a $935 million offering of eight-year senior notes (Caa1/expected CCC+), according to an informed source.

The Rule 144A and Regulation S deal is expected to price during the middle part of the April 25 week.

Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint bookrunners.

Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes become callable in three years at par plus 75% of the coupon, and they feature a 101% poison put.

Proceeds will be used to refinance bank debt, to fund a tender offer for the 8¾% senior subordinated notes, to repay senior PIK loans and for general corporate purposes, including the proposed acquisition of St. Joseph Medical Center, future acquisitions and strategic growth initiatives, as well as potential distributions to equity holders.

Iasis is a Franklin, Tenn.-based owner and operator of medium-sized acute care hospitals.

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