Published on 11/13/2015 in the Prospect News High Yield Daily.
New Issue: Team Health prices $545 million eight-year notes at par to yield 7¼%
By Paul A. Harris
Portland, Ore., Nov. 13 – Team Health, Inc. priced a $545 million issue of eight-year senior notes (B2/B) at par to yield 7¼% on Friday, according to a syndicate source.
The yield printed on top of yield talk.
Citigroup Global Markets Inc. was the left bookrunner. BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co. and RBS Securities Inc. were the joint bookrunners.
The Knoxville, Tenn.-based provider of outsourced physician staffing solutions for hospitals plans to use the proceeds to fund the acquisition of IPC Healthcare.
| Issuer: | Team Health, Inc.
|
| Amount: | $545 million
|
| Maturity: | Dec. 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co., RBS Securities Inc.
|
| Co-managers: | Fifth Third Bank, Regions Securities LLC, BBVA, BMO Securities; Mizuho Securities; MUFG, KeyBanc Capital Markets
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 511 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Dec. 15, 2018, then callable at 105.438
|
| Equity clawback: | 40% at 107.25 until Dec. 15, 2018
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 23
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7¼% area
|
| Marketing: | Roadshow
|
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