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Prime Healthcare starts Dutch auction to purchase 7¼% notes due 2025 for up to $100 million
By Wendy Van Sickle
Columbus, Ohio, Aug. 4 – Prime Healthcare Services, Inc. began a cash tender offer to purchase some of its $925 million outstanding 7¼% senior secured notes due Nov. 1, 2025 (Cusips: 74165HAB4, U7410WAB1) for a total consideration of up to $100 million, excluding accrued interest, according to a news release.
The tender is being conducted via a modified Dutch auction. Tendering holders may submit a minimum total consideration they are willing to accept per $1,000 principal amount of notes. The bids may range from $850 to $920. Bids must be in increments of $2.50.
The bids will be used to set a clearing price on which the total consideration will be based. The total consideration will include an early premium of $50 per $1,000 principal amount that will be paid only to holders who tender by 5 p.m. ET on Aug. 17.
The offer will expire at 11:59 p.m. ET on Aug. 31.
Tenders may be withdrawn until the early deadline.
The company may or may not elect to have an early settlement date. Final settlement is expected on Sept. 2.
Barclays Capital Inc. (212 528-7581 or 800 438-3242) is the dealer manager.
D.F. King & Co., Inc. (212 269-5550, 888 869-7406 or primehealthcare@dfking.com) is the information agent and tender agent.
The for-profit acute care hospital operator is based in Ontario, Calif.
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