New Issue: LifePoint Health prices $500 million eight-year senior notes at par to yield 5 3/8%

By Paul A. Harris

Portland, Ore., Nov. 30 – LifePoint Health, Inc. priced a $500 million issue of senior notes due Jan. 15, 2029 (Caa1/CCC+) at par to yield 5 3/8% in a Monday drive-by, according to market sources.

The yield printed at the tight end of yield talk in the 5½% area. Initial guidance was in the high 5% area to 6%.

The order book was heard to be three-times oversubscribed, a trader said.

Barclays was at the left of a syndicate of bookrunners that also included Citigroup Global Markets Inc., RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, BofA Securities Inc., Wells Fargo Securities LLC and Siebert Williams Shank & Co. LLC.

The Brentwood, Tenn.-based health care provider plans to use the proceeds to pay down its term loan B.

Issuer:	LifePoint Health, Inc.
Amount:	$500 million
Maturity:	Jan. 15, 2029
Securities:	Senior notes
Bookrunners:	Barclays, Citigroup Global Markets Inc., RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, BofA Securities Inc., Wells Fargo Securities LLC and Siebert Williams Shank & Co. LLC
Co-manager:	Apollo Global Securities LLC
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	466 bps
First call:	Jan. 15, 2024 at 102.688
Equity clawback:	40% at 105.375 until Dec. 4, 2023
Pricing date:	Nov. 30
Ratings:	Moody's: Caa1
	S&P: CCC+
Distribution:	Rule 144A and Regulation S for life
Price talk:	5½% area
Marketing:	Drive-by

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