By Paul A. Harris
Portland, Ore., June 23 – AHP Health Partners Inc., a wholly owned subsidiary of Ardent Health Services LLC, priced a $300 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 5¾% on Wednesday, according to market sources.
The yield printed at the tight end of the 5¾% to 6% yield talk and tighter than initial guidance in the high 5% to 6% area.
BofA Securities Inc. was at the left of a syndicate of bookrunners that also included Barclays and J.P. Morgan Securities LLC.
Proceeds, together with cash on hand, will be used to redeem, repay or retire in full the $475 million in principal of the company’s outstanding 9¾% senior notes due 2026.
Arden Health is a Nashville-based owner and operator of acute care facilities.
Issuer: | AHP Health Partners, Inc., a direct majority-owned subsidiary of Ardent Health Partners, LLC
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Amount: | $300 million
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Maturity: | July 15, 2029
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Securities: | Senior notes
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Bookrunners: | BofA Securities Inc., Barclays and J.P. Morgan Securities LLC
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Co-managers: | Capital One Securities Inc. and Regions Securities LLC
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Coupon: | 5¾%
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Price: | Par
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Yield: | 5¾%
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Spread: | 441 bps
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First call: | July 15, 2024 at 102.875
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Trade date: | June 23
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Settlement date: | July 8
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Ratings: | Moody's: Caa1
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| S&P: CCC+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 5¾% to 6%
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Marketing: | Roadshow
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