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RegionalCare/LifePoint talks $1.58 billion eight-year notes to yield 9%-9¼%; pricing Friday
By Paul A. Harris
Portland, Ore., Nov. 8 – RegionalCare Hospital Partners Holdings, Inc. and LifePoint Health, Inc. talked a $1,575,000,000 offering of eight-year senior notes (Caa1/CCC+) to yield 9% to 9¼% on Thursday, according to market sources.
Official talk comes tight to earlier guidance in the 9¼% area.
In addition to price talk the company amended bond covenants, specifying that real estate will not qualify for permitted securitization financings, aligning with its business intent not to pursue sale/leaseback financings.
Books close at noon ET on Friday except for accounts meeting with the company in San Francisco.
The Rule 144A for life notes are also expected to price on Friday.
Barclays is the left lead bookrunner. Citigroup Global Markets Inc., RBC Capital Markets LLC, Deutsche Bank Securities Inc. and UBS Securities LLC are the joint bookrunners.
The notes come with three years of call protection.
Proceeds, along with a $4.2 billion credit facility and up to $1 billion of sponsor equity from Apollo, will be used to fund the merger of RegionalCare Hospital Partners with LifePoint Health.
RegionalCare and LifePoint are both Brentwood, Tenn.-based health care providers. The combined company will operate under the LifePoint Health name.
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