Vanguard Health subsidiaries tender for any and all 9%, 11¼% notes

By Jennifer Chiou

New York, Jan. 14 - Vanguard Health Systems Inc. announced that its wholly owned subsidiaries, Vanguard Health Holding Co. II, LLC and Vanguard Health Holding Co. I, LLC, launched cash tender offers for any and all of the:

• $575 million of 9% senior subordinated notes due 2014 co-issued by VHS Holdco II and Vanguard Holding Co. II, Inc.; and

• $216 million principal amount at maturity of 11¼% senior discount notes due 2015 co-issued by VHS Holdco I and Vanguard Holding Co. I, Inc.

The offers will end at midnight ET on Feb. 11.

Those who tender prior to 5 p.m. ET on Jan. 28, the consent deadline, will receive $1,047.50 per $1,000 principal amount of the 9% notes and $1,060.00 per $1,000 principal amount at maturity of the 11¼% notes, both including a consent payment of $30.00.

Early settlement of notes tendered by the consent deadline is slated for Jan. 29.

Holders will also receive accrued interest.

Vanguard is seeking consents from the holders of a majority of each series of notes. There is also a financing condition to the offer.

Bank of America Merrill Lynch is the dealer manager and solicitation agent (888 292-0070 or call collect 980 388-9217). Global Bondholder Services Corp. is the information agent (866 470-4500 or call collect 212 430-3774).

Vanguard is a Nashville-based owner and operator of acute care hospitals and complementary facilities and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.