Published on 9/29/2020 in the Prospect News High Yield Daily.
New Issue: Acadia Healthcare sells $475 million 8.5-year notes at par to yield 5%
By Paul A. Harris
Portland, Ore., Sept. 29 – Acadia Healthcare Co., Inc. priced a $475 million issue of 8.5-year senior notes (B3/B-) at par to yield 5% in a Tuesday drive-by, according to market sources.
The yield printed 12.5 basis points tighter than yield talk in the 5¼% area. Initial guidance was in the mid-5% area.
BofA Securities Inc. was on the left of a syndicate of bookrunners that also included Citigroup Global Markets Inc., BMO Capital Markets Corp., Capital One Securities Inc., Credit Agricole CIB, Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, MUFG and Regions Securities LLC.
The Franklin, Tenn.-based behavioral health care provider plans to use the proceeds to prepay its tranche B-3 facility and for general corporate purposes, which may include additional debt repayment.
Issuer: | Acadia Healthcare Co., Inc.
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Amount: | $475 million
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Maturity: | April 15, 2029
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Securities: | Senior notes
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Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp., Capital One Securities Inc., Credit Agricole CIB, Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, MUFG and Regions Securities LLC
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Coupon: | 5%
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Price: | Par
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Yield: | 5%
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Spread: | 448 bps
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Call protection: | Three years
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Trade date: | Sept. 29
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Settlement date: | Oct. 14
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Ratings: | Moody's: B3
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| S&P: B-
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 5¼% area
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Marketing: | Roadshow
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