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LifePoint Health talks $600 million seven-year secured notes to yield 10%-10¼%; pricing Monday
By Abigail W. Adams
Portland, Me., July 31 – LifePoint Health Inc. plans to price $600 million of seven-year senior secured notes (B2/B) in a Monday drive-by with price talk for a yield of 10% to 10¼%, according to a market source.
Early guidance was for a yield of 10¼% to 10½%.
The notes are non-callable for three years.
Books close at 1:30 p.m. ET on Monday with pricing thereafter.
Citigroup Global Markets Inc. is lead left bookrunner for the Rule 144A and Regulation S offering.
Barclays, BMO Capital Markets Corp., BofA Securities Inc., Capital One Securities Inc., Deutsche Bank Securities Inc., Fifth Third Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC are also joint bookrunners.
There is a 40% equity clawback and a 101 poison put.
Proceeds will be used to refinance the company’s 6¾% senior secured notes due 2025.
LifePoint Health is a Brentwood, Tenn.-based health care provider.
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