HCA announces early results in tenders for up to $500 million of three notes series

By Jennifer Chiou

New York, Feb. 22 - HCA Inc. announced the preliminary results in its cash tender offer for up to $500 million of three series of notes.

In order of acceptance priority level, the Nashville health care services company is tendering for up to $200 million of its $691.17 million of 8¾% notes due 2010 and any of its $475.82 million of 7 7/8% notes due 2011 and $500 million of 6.95% notes due 2012.

As of 5 p.m. ET on Feb. 21, holders of $322.8 million of the 8¾% notes, $253.04 million of the 7 7/8% notes and $121.52 million of the 6.95% notes had tendered their securities.

For each $1,000 principal amount, HCA said that it will pay $1,015.00 for the 8¾% notes, $995.00 for the 7 7/8% notes and $957.50 for the 6.95% notes. All payouts include a $30.00 tender premium for those who tender by 5 p.m. ET on Feb. 21.

The company added that it will pay accrued interest to the settlement date, expected to be March 11.

The offer ends at midnight ET on March 6. It began on Feb. 7.

HCA said that it intends to finance the offer with borrowings under its revolving credit facilities.

Citi is the dealer manager (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the information agent (866 470-4200 or call collect 212 430-3774).

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