By Paul A. Harris
Portland, Ore., April 14 – DaVita HealthCare Partners Inc. priced an upsized $1.5 billion issue of 10-year senior notes (B1/B+) at par to yield 5% on Tuesday, according to market sources.
The deal was upsized from $1.25 billion.
The yield printed on top of yield talk.
BofA Merrill Lynch was the left bookrunner. Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The Denver-based company plans to use the proceeds to fund the tender and/or redemption of its 6 5/8% senior notes due 2020 and for general corporate purposes, which may include future acquisitions and share repurchases.
DaVita provides kidney dialysis and patient- and physician-focused integrated health care delivery and management services.
| Issuer: | DaVita HealthCare Partners Inc.
|
| Amount: | $1.5 billion, increased from $1.25 billion
|
| Maturity: | May 1, 2025
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Co-managers: | Credit Agricole CIB, MUFG, Scotia Capital, SMBC Nikko
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 313 bps
|
| Call protection: | Five years
|
| Trade date: | April 14
|
| Settlement date: | April 17
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | SEC registered
|
| Price talk: | 5% area
|
| Marketing: | Quick to market
|
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