Health Management Associates talks $1 billion eight-year senior notes with 7½% area yield

By Paul A. Harris

Portland, Ore., Nov. 7 - Health Management Associates, Inc. talked its $1 billion offering of eight-year senior notes (B3/B-/) with a yield in the 7½% area on Monday, according to an informed source.

The deal is set to price on Tuesday afternoon.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc., RBS Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

The notes come with four years of call protection.

In addition to the Rule 144A and Regulation S bond offering, the company is putting in place $2.7 billion of credit facilities.

The Naples, Fla.-based operator of acute-care hospitals plans to use the proceeds, together with initial borrowings under its term loans and revolver, to repay a portion of its outstanding credit facilities, as well as for general corporate purposes.

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