By Paul A. Harris and Aleesia Forni
Virginia Beach, Va., May 15 - Tenet Healthcare Corp. priced on Wednesday $1.05 billion of 8.5-year senior secured notes (Ba3/B+) at par to yield 4 3/8%, according to a syndicate source.
Yield printed in the middle of talk, which was set at 4¼% to 4½%.
Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds from the offering will be used to fund the tender for the company's 8 7/8% senior secured notes due 2019.
The owner and operator of acute care hospitals, ambulatory surgery centers, diagnostic imaging centers and related health care facilities is based in Dallas.
| Issuer: | Tenet Healthcare Corp.
|
| Amount: | $1.05 billion
|
| Maturity: | Oct. 1, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities LLC
|
| Co-managers: | SunTrust Robinson Humphrey Inc., Morgan Stanley & Co. LLC, Scotia Capital
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 271 bps
|
| Call protection: | Non-callable
|
| Make-whole call: | Treasuries plus 50 bps
|
| Trade date: | May 15
|
| Settlement date: | May 30
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 4¼% to 4½%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
