By Paul A. Harris
Portland, Ore., June 23 – AHP Health Partners Inc., a wholly owned subsidiary of Ardent Health Services LLC, priced a $300 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 5¾% on Wednesday, according to market sources.
The yield printed at the tight end of the 5¾% to 6% yield talk and tighter than initial guidance in the high 5% to 6% area.
BofA Securities Inc. was at the left of a syndicate of bookrunners that also included Barclays and J.P. Morgan Securities LLC.
Proceeds, together with cash on hand, will be used to redeem, repay or retire in full the $475 million in principal of the company’s outstanding 9¾% senior notes due 2026.
Arden Health is a Nashville-based owner and operator of acute care facilities.
| Issuer: | AHP Health Partners, Inc., a direct majority-owned subsidiary of Ardent Health Partners, LLC
|
| Amount: | $300 million
|
| Maturity: | July 15, 2029
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Securities Inc., Barclays and J.P. Morgan Securities LLC
|
| Co-managers: | Capital One Securities Inc. and Regions Securities LLC
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 441 bps
|
| First call: | July 15, 2024 at 102.875
|
| Trade date: | June 23
|
| Settlement date: | July 8
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% to 6%
|
| 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.
