New Issue: Ardent Health Services 10-year notes upsized to $225 million, yield 10%

By Paul A. Harris

St. Louis, Aug. 7 - Ardent Health Services Inc. priced an upsized $225 million of senior subordinated notes due Aug. 15, 2013 (B3/B-) at par Thursday to yield 10%.

The deal was increased from $200 million. Price talk was for a yield of 9¾%-10%.

Banc of America Securities and UBS Investment Bank were joint bookrunners on the Rule 144A deal. The co-managers were Banc One Capital Markets and Merrill Lynch & Co.

Proceeds will be used to repay existing debt.

The issuer is a healthcare services provider based in Nashville, Tenn.

Issuer:	Ardent Health Services Inc.
Amount:	$225 million (increased from $200 million)
Maturity:	Aug. 15, 2013
Security description:	Senior subordinated notes
Bookrunners:	Banc of America Securities, UBS Investment Bank
Co-managers:	Banc One Capital Markets, Merrill Lynch
Coupon:	10%
Price:	Par
Yield:	10%
Spread:	578 basis points
Call features:	Callable on Aug. 15, 2008 at 105, then 103.333, 101.667, declining to par on Aug. 15, 2011 and thereafter
Equity clawback:	Until Aug. 15, 2006 for 35% at 110
Settlement date:	Aug. 19, 2003
Ratings:	Moody's: B3
	Standard & Poor's: B-
Rule 144A Cusip:	03979PAA3
Price talk:	9¾%-10%

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