By Cristal Cody
Chicago, Oct. 22 – Banner Health sold $422.1 million of series 2021A taxable bonds in two parts on Thursday, according to a knowledgeable source.
The company sold $100 million of 2.48% notes due Jan. 1, 2032 at par. The spread came 5 basis points low to talk, at Treasuries plus 80 bps versus talk in the 85 bps area.
Banner Health also sold $322.1 million of 2.907% bonds due Jan. 1, 2042 at par. The bonds priced with a spread of 80 bps over Treasuries, lower than initial talk in the 87.5 bps area.
Morgan Stanley & Co. LLC was the lead manager.
Proceeds will be used for certain projects and to refinance outstanding debt.
Banner Health is a non-profit health system based in Phoenix.
| Issuer: | Banner Health
|
| Amount: | $422.1 million
|
| Description: | Series 2021A taxable bonds
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Co-managers: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Trade date: | Oct. 21
|
|
|
| Bonds due 2032
|
| Amount: | $100 million
|
| Maturity: | Jan. 1, 2032
|
| Coupon: | 2.48%
|
| Price: | Par
|
| Yield: | 2.48%
|
| Spread: | Treasuries plus 80 bps
|
| Price talk: | Treasuries plus 85 bps area
|
|
|
| Bonds due 2042
|
| Amount: | $322.1 million
|
| Maturity: | Jan. 1, 2042
|
| Coupon: | 2.907%
|
| Price: | Par
|
| Yield: | 2.907%
|
| Spread: | Treasuries plus 80 bps
|
| Price talk: | Treasuries plus 87.5 bps area
|
|
|
|
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