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Triad buys $599.955 million 8¾% notes in tender
New York, May 18 - Triad Hospitals Inc. said it received tenders of $599.955 million principal amount or 99.9% of its outstanding 8¾% senior notes due 2009 in its offer to purchase the notes for cash.
The offer expired at 11:59 p.m. ET on May 17.
Triad previously said it bought $599.871 million of the notes which were tendered by the consent deadline.
Funding came from Triad's offering of $600 million principal amount of 7% senior notes due 2012 and cash on hand.
Triad said on April 20 that it had begun a cash tender offer for any and all its $600 million principal amount of 8¾% senior notes.
The Plano, Texas, hospital operator was also soliciting consents to amend the note indenture. Among other things, the amendments will eliminate most of the principal restrictive covenants and certain other provisions.
Holders who tendered by the consent deadline of 5 p.m. ET on April 28 will receive $1,106.99 per $1,000 principal amount including a consent payment of $30.00 per $1,000 principal amount.
Holders who tendered after the consent deadline but before the expiration date of 11:59 p.m. ET on May 17 will receive $1,076.99 per $1,000 principal amount.
In both cases Triad will pay accrued interest.
Holders who tender are required to deliver consents, and consents may not be given without tendering.
The indenture amendments require the consent of holders of at least a majority of the principal amount of the notes outstanding.
Citigroup Global Markets Inc. (800 558-3745 or collect at 212 723-6106) and Merrill Lynch, Pierce, Fenner & Smith Inc. (888 ML4-TNDR or collect at 212 449-4914) are dealer managers and solicitation agents. Georgeson Shareholder Communications Inc. (888 549-6627 or collect at 212 440-9800) is the information agent.
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