New Issue: Acadia prices $450 million eight-year notes at par to yield 5½%

By Paul A. Harris

Portland, Ore., June 10 – Acadia Healthcare Co., Inc. priced a $450 million issue of eight-year senior notes (Caa1/B-) at par to yield 5½% in a Wednesday drive-by, according to market sources.

BofA Securities Inc. was the left bookrunner. Joint bookrunners were Citigroup Global Markets Inc, Goldman Sachs & Co. LLC, BMO Capital Markets Corp., Capital One Securities Inc., Credit Agricole CIB, Fifth Third Securities Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, MUFG and Regions Securities LLC.

The yield printed at the tight end of yield talk in the 5 5/8% area. Initial talk was in the low 6% area.

The Franklin, Tenn.-based behavioral health care services provider plans to use the proceeds plus cash on hand to redeem its 6 1/8% senior notes due 2021 and 5 1/8% senior notes due 2022 in full.

Issuer:	Acadia Healthcare Co., Inc.
Amount:	$450 million
Maturity:	July 1, 2028
Securities:	Senior notes
Left bookrunner:	BofA Securities Inc.
Joint bookrunners:	Citigroup Global Markets Inc, Goldman Sachs & Co. LLC, BMO Capital Markets Corp., Capital One Securities Inc., Credit Agricole CIB, Fifth Third Securities Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, MUFG and Regions Securities LLC
Coupon:	5½%
Price:	Par
Yield:	5½%
Spread:	485 bps
Call protection:	Three years
Trade date:	June 10
Settlement date:	June 24
Ratings:	Moody's: Caa1
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	5 5/8% area
Marketing:	Drive-by

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