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Acadia to price $250 million tap of 5 5/8% notes due 2023 on Monday; deal could be upsized
By Paul A. Harris
Portland, Ore., Sept. 14 – Acadia Healthcare Co., Inc. plans to price a $250 million add-on to its 5 5/8% senior notes due Feb. 15, 2023 on Monday trailing a late-morning conference call with investors, according to a bond trader.
The deal could be upsized to $400 million, the source added.
Initial guidance had not widely circulated by press time; however, the existing 5 5/8% notes due 2023 were trading with a yield of about 5¼%, the trader said.
BofA Merrill Lynch and Jefferies LLC are the joint bookrunners for the Rule 144As and Regulation S offering.
BMO Securities, Citigroup Global Markets Inc., Credit Agricole CIB, Fifth Third Bank and UBS Investment Bank are the co-managers.
The Franklin, Tenn.-based provider of inpatient behavioral health care services plans to use the proceeds to fund a cash tender for any and all of its outstanding 12 7/8% senior notes due 2018, as well as to repay revolver debt, and for general corporate purposes, including acquisitions.
The original $375 million issue priced at par on Feb. 5, 2015.
The add-on notes are expected to become fungible with the original notes.
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