Vanguard extends early tender deadline for $730.7 million of notes

By Devika Patel

Knoxville, Tenn., Jan. 29 - Vanguard Health Systems Inc. announced that its wholly owned subsidiaries, Vanguard Health Holding Co. II, LLC and Vanguard Health Holding Co. I, LLC, have extended the early tender period for $730,702,000 of notes to 5 p.m. ET on Jan. 29.

The notes affected are the $575 million of 9% senior subordinated notes due 2014 co-issued by VHS Holdco II and Vanguard Holding Co. II, Inc. and the $216 million of 11¼% senior discount notes due 2015 co-issued by VHS Holdco I and Vanguard Holding Co. I, Inc.

Each tender offer will expire at midnight ET on Feb. 11.

The payout is $1,047.50 for each $1,000 principal amount of 9% notes and $1,060.00 for each $1,000 principal amount at maturity of the 11¼% notes. These payouts include a consent payment of $30.00 for each note tendered by the consent deadline.

The consents received so far are enough to amend the indentures governing the notes. Supplemental indentures have been executed, but the proposed amendments will only become operative once all notes accepted in the tender offers have been purchased.

Holders will also receive accrued interest.

Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-9217) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-4500 or call collect 212 430-3774) is the information agent.

Vanguard is a Nashville-based owner and operator of acute care hospitals and complementary facilities and services.

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