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Vanguard subsidiaries get consents needed to amend 9%, 11¼% notes
By Angela McDaniels
Tacoma, Wash., Jan. 28 - Vanguard Health Systems Inc. announced that its wholly owned subsidiaries, Vanguard Health Holding Co. II, LLC and Vanguard Health Holding Co. I, LLC, had received tenders and consents for $730,702,000 of notes as of 5 p.m. ET on Jan. 28, which was the consent deadline in tender offers that began Jan. 14.
Holders had tendered $528,855,000 principal amount, or 91.97%, of the $575 million 9% senior subordinated notes due 2014 co-issued by VHS Holdco II and Vanguard Holding Co. II, Inc. and $201,847,000 principal amount at maturity, or 93.45%, of the $216 million 11¼% senior discount notes due 2015 co-issued by VHS Holdco I and Vanguard Holding Co. I, Inc.
The consents received so far are enough to amend the indentures governing the notes. Supplemental indentures have been executed, but the proposed amendments will only become operative once all notes accepted in the tender offers have been purchased.
The payout is $1,047.50 for each $1,000 principal amount of 9% notes and $1,060.00 for each $1,000 principal amount at maturity of the 11¼% notes. These payouts include a consent payment of $30.00 for each note tendered by the consent deadline.
Holders will also receive accrued interest.
The settlement date for notes tendered by the consent deadline is expected to be Jan. 29.
The offers will end at midnight ET on Feb. 11.
There is a financing condition to the offers.
Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-9217) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-4500 or call collect 212 430-3774) is the information agent.
Vanguard is a Nashville-based owner and operator of acute care hospitals and complementary facilities and services.
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