By Paul A. Harris
St. Louis, Nov. 9 - MedAssets, Inc. priced a downsized $325 million issue of eight-year senior notes (B3/B-/) at par to yield 8% on Tuesday, according to a market source.
The yield printed at the tight end of the 8% to 8¼% price talk.
J.P. Morgan Securities LLC and Barclays Capital Inc. were the bookrunners for the issue, which was downsized from $360 million, with $35 million shifted to the bank loan.
Proceeds will be used to pay a portion of the $850 million acquisition of the Broadlane Group.
MedAssets is an Atlanta-based provider of supply chain consulting and revenue cycle management services for health systems, hospitals and health care providers.
| Issuer: | MedAssets, Inc.
|
| Amount: | $325 million, decreased from $360 million
|
| Maturity: | Nov. 15, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays Capital Inc.
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 597 bps
|
| Call protection: | Four years
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8% to 8¼%
|
| Marketing: | Roadshow
|
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