Ardent Health talks $535 million eight-year notes to yield 9¼%-9½%; books close Thursday

By Paul A. Harris

Portland, Ore., June 13 – Ardent Health Services LLC talked its $535 million offering of eight-year senior notes (B) to yield 9¼% to 9½%, according to market sources.

Official talk comes wide to initial price talk in the 9% area.

Books close at 2:30 p.m. ET on Thursday.

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

The Rule 144A and Regulation S 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.

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