Published on 6/12/2014 in the Prospect News High Yield Daily.
New Issue: Envision Healthcare prices upsized $750 million 5 1/8% eight-year notes at par
By Paul A. Harris
Portland, Ore., June 12 – Envision Healthcare Corp. priced an upsized $750 million issue of eight-year senior notes (B3/B/) at par to yield 5 1/8% on Thursday, according to a syndicate source.
The quick-to-market deal was upsized from $650 million.
The yield printed on top of yield talk.
Barclays was the lead left bookrunner. BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., Citigroup Global Markets Inc., Jefferies LLC, Morgan Stanley & Co. LLC, Natixis Securities Americas LLC, RBC Capital Markets LLC and UBS Securities LLC were the joint bookrunners.
The Greenwood Village, Colo.-based health care services provider plans to redeem its 8 1/8% senior notes due 2019.
Issuer: | Envision Healthcare Corp.
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Amount: | $750 million, increased from $650 million
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Maturity: | July 1, 2022
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Securities: | Senior notes
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Left bookrunner: | Barclays
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Joint bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., Citigroup Global Markets Inc., Jefferies LLC, Morgan Stanley & Co. LLC, Natixis Securities Americas LLC, RBC Capital Markets LLC, UBS Securities LLC
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Coupon: | 5 1/8%
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Price: | Par
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Yield: | 5 1/8%
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Spread: | 271 bps
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First call: | July 1, 2017 at 103.844
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Trade date: | June 12
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Settlement date: | June 18
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Ratings: | Moody's: B3
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 5 1/8%
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Marketing: | Quick to market
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