By Paul A. Harris
Portland, Ore., Nov. 15 - AmSurg Corp. priced a $250 million issue of eight-year senior notes (Ba3/B/) at par to yield 5 5/8% on Thursday, according to a syndicate source.
Following the break, the bonds were trading at 101 bid, 101½ offered, the source added.
The yield printed at the tight end of price talk that was set in the 5¾% area.
SunTrust Robinson Humphrey Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The notes become callable in three years at par plus 75% of the coupon. A special call provision, which would have allowed the issuer to redeem 10% of the notes annually at 103 during the non-call period, was removed from the deal.
Proceeds will be used to refinance the company's senior secured credit facilities.
AmSurg is a Nashville, Tenn.-based operator of short-stay ambulatory surgery centers with 231 surgery centers in 35 states and the District of Columbia.
| Issuer: | AmSurg Corp.
|
| Amount: | $250 million
|
| Maturity: | Nov. 30, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | SunTrust Robinson Humphrey Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities LLC
|
| Co-managers: | BB&T Capital Markets, Fifth Third Securities Inc., Goldman Sachs & Co, KeyBanc Capital Markets, Mitsubishi UFJ, US Bancorp, Synovus Securities Inc.
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 441 bps
|
| First call: | Callable in three years at 104.219
|
| Equity clawback: | 35% at 105.625 until Nov. 30, 2015
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
