Published on 11/9/2015 in the Prospect News High Yield Daily.
New Issue: HCA prices $1 billion 10.25-year notes at par to yield 5 7/8%
By Paul A. Harris
Portland, Ore., Nov. 9 – HCA Inc. priced a $1 billion issue of 10.25-year senior bullet notes (expected B1/expected B+/confirmed BB) at par to yield 5 7/8% on Monday, according to an informed source.
The yield printed at the wide end of the 5¾% to 5 7/8% yield talk.
The quick-to-market deal was marketed by means of an internet roadshow. There was no investor call.
Barclays was the lead left bookrunner. BofA Merrill Lynch, Citigroup Global Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co., RBC Capital Markets, SunTrust Robinson Humphrey, UBS Investment Bank and Wells Fargo Securities LLC were the joint bookrunners.
The Nashville-based for-profit operator of health-care facilities plans to use the proceeds to redeem all of its outstanding 6½% senior notes due Feb. 15, 2016.
| Issuer: | HCA Inc.
|
| Amount: | $1 billion
|
| Maturity: | Feb. 15, 2026
|
| Securities: | Senior notes
|
| Lead left bookrunners: | BofA Merrill Lynch, Citigroup Global Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co., RBC Capital Markets, SunTrust Robinson Humphrey, UBS Investment Bank, Wells Fargo Securities LLC
|
| Co-managers: | Credit Agricole CIB, Fifth Third Bank, Mizuho Securities, SMBC Nikko
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Call: | Make-whole call at Treasuries plus 50 bps until six months prior to maturity, then callable at par
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 13
|
| Ratings: | Moody's: Expected B1
|
| Standard & Poor's: Expected B+
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5¾% to 5 7/8%
|
| Marketing: | Quick-to-market
|
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