Prime Healthcare gives results in tender offer for 7¼% secured notes

By Mary-Katherine Stinson

Lexington, Ky., Sept. 1 – Prime Healthcare Services, Inc. announced the results for its cash tender offer for its 7¼% senior secured notes due in November 2025 (Cusips: 74165HAB4, U7410WAB1) on Thursday morning in a press release.

As previously reported, the company was conducting a modified Dutch auction for up to a $100 million payment for the notes.

As of the expiration, $50.98 million total principal amount of the outstanding notes were tendered and accepted for purchase.

The bid range was from $850 to $920. The company is paying the upper end of that bid range, $920 per $1,000 note.

The determined total consideration was to include a $50 early premium only paid to noteholders who tendered their notes by the early deadline.

However, on Aug. 17 the company announced that it would extend the full consideration to the end of the offer. The withdrawal deadline which was also at the early deadline was not extended.

As of the early deadline at 5 p.m. ET on Aug. 17, noteholders had tendered $10,844,000 of their notes.

The tender offer expired at 11:59 p.m. ET on Aug. 31.

Settlement is planned for Sept. 2, subject to some conditions

Barclays (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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