Ardent Health sets roadshow for $535 million eight-year senior notes

By Paul A. Harris

Portland, Ore., June 8 – Ardent Health Services plans to start a roadshow on Monday in New York for a $535 million offering of eight-year senior notes, according to a market source.

A global investor conference call is also scheduled for Monday.

The roadshow travels to Boston on Tuesday, to Los Angeles on Wednesday and to San Francisco on Thursday, and the Rule 144A and Regulation S for life offering is set to price thereafter.

Joint bookrunner Barclays will bill and deliver. Jefferies LLC and BofA Merrill Lynch are also joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a 40% equity clawback at par plus the coupon during the non-call period. The notes also feature a 101% poison put.

The issuing entity will be subsidiary AHP Health Partners, Inc.

Proceeds, along with a $990 million credit facility, will be used to refinance or otherwise extinguish Ardent's existing credit facilities and provide working capital and funds for other general corporate purposes.

Ardent Health is a Nashville, Tenn.-based owner and operator of hospitals.

© 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.