By Paul A. Harris
Portland, Ore., Feb. 2 – Mednax, Inc. priced a $400 million issue of eight-year senior notes (Ba3/B+) at par to yield 5 3/8% on Wednesday, according to market sources.
The yield printed in the middle of yield talk in the 5 3/8% area and tighter than initial guidance in the mid-to-high 5% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Fifth Third Securities Inc., Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC, Regions Securities LLC and Truist Securities Inc.
The Sunrise, Fla.-based medical company plans to use the proceeds plus other available funds, including cash on hand and proceeds from its credit agreement, to redeem all of its 6¼% senior notes due 2027.
Mednax is focused on neonatal, maternal-fetal and pediatric physician subspecialty services.
| Issuer: | Mednax, Inc.
|
| Amount: | $400 million
|
| Issue: | Senior notes
|
| Maturity: | Feb. 15, 2030
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Fifth Third Securities Inc., Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC, Regions Securities LLC and Truist Securities Inc.
|
| Co-managers: | Citizens Capital Markets Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 364 bps
|
| First call: | Feb. 15, 2025 at 102.688
|
| Trade date: | Feb. 2
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: Ba3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 3/8% area
|
| Marketing: | Roadshow
|
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