Vizient talks upsized $500 million eight-year notes at 10¼%-10½%; pricing Thursday

By Paul A. Harris

Portland, Ore., Feb. 3 – Vizient, Inc. upsized its offering of eight-year senior notes (Caa1/CCC+) to $500 million from $400 million and talked the notes to yield 10¼% to 10½%, a market source said on Wednesday.

Books close at 1:30 p.m. ET on Thursday, and the Rule 144A and Regulation S for life offering, via bookrunner Barclays, is set to price thereafter.

With the upsizing of the notes, the concurrent term loan was downsized to $1,375,000,000 from $1,475,000,000.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Irving, Texas-based network of not-for-profit health care organizations plans to use the proceeds to finance the acquisition of the Spend and Clinical Resource Management and Sg2 businesses from MedAssets Inc.

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