LifePoint Health to price $500 million five-year secured notes in Monday drive-by

By Paul A. Harris

Portland, Ore., April 6 – LifePoint Health, Inc. plans to price a $500 million offering of five-year senior secured notes (expected ratings B1/B) in a Monday drive-by, trailing a late-morning conference call with investors, according to a syndicate source.

Citigroup Global Markets Inc. is the lead bookrunner. Barclays, RBC Capital Markets Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners. Apollo Global Securities is the co-manager.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon, and feature a 40% equity clawback at par plus the full coupon during the non-call period, and a 101% poison put.

The Brentwood, Tenn.-based health care provider plans to use the proceeds for general corporate purposes.

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