Vanguard Health to begin roadshow Jan. 18 week for planned $1 billion eight-year senior notes

By Paul A. Harris

St. Louis, Jan. 14 - Vanguard Health Holding Co. II, LLC and Vanguard Holding Co. II, Inc. will begin a roadshow during the Jan. 18 week for their $1 billion offering of eight-year senior notes, according to informed sources.

Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley & Co. will be joint bookrunners for the Rule 144A and Regulation S offering.

The notes will come with four years of call protection.

Proceeds will be used to fund the tender for the 9% senior subordinated notes due 2014 and the 11¼% senior discount notes due 2015, and, together with cash on hand, to fund a dividend to Vanguard's existing stockholders.

The issuing entities are subsidiaries of Nashville, Tenn.-based Vanguard Health Systems, Inc., which owns and operates hospitals and provides related services.

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