New Issue: Acadia Healthcare sells $475 million 8.5-year notes at par to yield 5%

By Paul A. Harris

Portland, Ore., Sept. 29 – Acadia Healthcare Co., Inc. priced a $475 million issue of 8.5-year senior notes (B3/B-) at par to yield 5% in a Tuesday drive-by, according to market sources.

The yield printed 12.5 basis points tighter than yield talk in the 5¼% area. Initial guidance was in the mid-5% area.

BofA Securities Inc. was on the left of a syndicate of bookrunners that also included Citigroup Global Markets Inc., BMO Capital Markets Corp., Capital One Securities Inc., Credit Agricole CIB, Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, MUFG and Regions Securities LLC.

The Franklin, Tenn.-based behavioral health care provider plans to use the proceeds to prepay its tranche B-3 facility and for general corporate purposes, which may include additional debt repayment.

Issuer:	Acadia Healthcare Co., Inc.
Amount:	$475 million
Maturity:	April 15, 2029
Securities:	Senior notes
Bookrunners:	BofA Securities Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp., Capital One Securities Inc., Credit Agricole CIB, Fifth Third Securities Inc., Goldman Sachs & Co. LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, MUFG and Regions Securities LLC
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	448 bps
Call protection:	Three years
Trade date:	Sept. 29
Settlement date:	Oct. 14
Ratings:	Moody's: B3
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	5¼% area
Marketing:	Roadshow

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