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LifePoint tightens talk on $600 million seven-year secured notes to 9¾%-9 7/8% yield
By Abigail W. Adams
Portland, Me., July 31 – LifePoint Health Inc. tightened talk on its $600 million offering of seven-year senior secured notes (B2/B) to a yield of 9¾% to 9 7/8%, according to a market source.
Initial price talk was for a yield of 10% to 10¼%; early guidance was for a yield of 10¼% to 10½%.
The notes are non-callable for three years.
Books closed at 1:30 p.m. ET with order confirmations due by 2:30 p.m. ET and pricing and allocations 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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