By Paul A. Harris
Portland, Ore., Oct. 5 – AMN Healthcare Inc. priced an upsized $350 million issue of 8.5-year senior notes (Ba3/BB-) at par to yield 4% in a Monday drive-by, according to market sources.
The issue size increased from $325 million.
The yield printed at the tight end of yield talk in the 4 1/8% area. Initial guidance was in the 4 3/8% area.
The deal played to an order book that was heard to be six-times oversubscribed, a trader said.
Truist Securities Inc. was the left bookrunner. Joint bookrunners were BofA Securities Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC.
The temporary health care staffing company plans to use the proceeds to redeem its 5 1/8% senior notes due 2024. The additional proceed resulting from the $25 million upsize of the deal will be used to pay down debt under the revolver.
| Issuer: | AMN Healthcare Inc.
|
| Amount: | $350 million, increased from $325 million
|
| Maturity: | April 15, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | Truist Securities Inc.
|
| Joint bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC
|
| Co-managers: | MUFG, Fifth Third Securities Inc., Wells Fargo Securities LLC, BBVA Securities Inc., BNP Paribas Securities Corp. and KeyBanc Capital Markets Inc.
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| First call: | April 15, 2024 at 102
|
| Trade date: | Oct. 5
|
| Settlement date: | Oct. 20
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 1/8% area
|
| Marketing: | Drive-by
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
