HCA sets late-morning call for $1.6 billion tap of 5 3/8% notes; pricing expected Wednesday

By Paul A. Harris

Portland, Ore., May 6 – HCA Inc. is expected to price a $1.6 billion add-on to its 5 3/8% non-callable senior notes due Feb. 1, 2025 (B2/B+/BB-) on Wednesday, according to a syndicate source.

An investor conference call was scheduled to get underway at 11:30 a.m. ET on Wednesday.

Citigroup Global Markets Inc. is the left bookrunner for the public offering. Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, SunTrust Robinson Humphrey Inc., UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.

Credit Agricole CIB, Fifth Third Bank, Mizuho Securities and SMBC Nikko are the co-managers.

The Nashville, Tenn.-based health care services provider plans to use the proceeds to refinance the 7¾% HoldCo notes due 2021.

The original $1 billion issue priced at par on Jan. 13, 2015.

The add-on notes will become immediately fungible with the original notes.

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