Published on 6/17/2014 in the Prospect News High Yield Daily.
New Issue: Acadia sells $300 million eight-year notes at par to yield 5 1/8%
By Paul A. Harris
Portland, Ore., June 17 – Acadia Healthcare Co., Inc. priced a $300 million issue of eight-year senior notes (B3/B/) at par to yield 5 1/8% in a quick-to-market Tuesday transaction, according to a syndicate source.
The yield printed at the tight end of yield talk in the 5¼% area.
BofA Merrill Lynch, Jefferies LLC and Fifth Third Securities Inc. were the joint bookrunners.
The Franklin, Tenn.-based provider of inpatient behavioral health care services plans to use the proceeds to help fund the acquisition of Partnerships in Care.
| Issuer: | Acadia Healthcare Co., Inc.
|
| Amount: | $300 million
|
| Maturity: | July 1, 2022
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch, Jefferies LLC, Fifth Third Securities Inc.
|
| Co-managers: | Regions Securities LLC, Capital One Securities Inc., Credit Agricole Securities (USA) Inc., Mitsubishi UFJ Securities (USA) Inc., UBS Securities LLC
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield to worst: | 5 1/8%
|
| Spread: | 271 bps
|
| First call: | July 1, 2017 at 103.844
|
| Trade date: | June 17
|
| Settlement date: | July 1
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5¼% area
|
| Marketing: | Quick to market
|
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