HCA upsizes cash-flow revolver to $3.5 billion, amends ABL revolver

By Wendy Van Sickle

Columbus, Ohio, Jan. 4 – HCA Healthcare, Inc.’s wholly owned subsidiary, HCA Inc., amended and restated its senior secured cash-flow credit facility for an upsized $3.5 billion revolver maturing on June 30, 2026, according to an 8-K filing with the Securities and Exchange Commission.

The company’s revolver under its cash-flow credit facility was previously sized at $2 billion.

Term SOFR was established as the interest rate benchmark, replacing Libor, under the Jan. 4 amendment and restatement.

On the same date, the borrower also amended and restated its $4.5 billion senior secured asset-based revolving credit facility to replace Libor with term SOFR.

There is a credit spread adjustment of 10 basis points for SOFR loans.

Also on Jan. 4, the borrower incurred additional revolving loans under the ABL facility and applied the proceeds, together with cash on hand, to pay off in full the $492.5 million of outstanding tranche B term loans under the cash flow credit facility.

Bank of America, NA is the administrative agent for each credit agreement.

Bank of America, Wells Fargo Securities, LLC, Citibank, NA, JPMorgan Chase Bank, NA, Barclays Bank plc, RBC Capital Markets, LLC, Truist Securities, Inc., Capital One, NA, Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc. and Sumitomo Mitsui Banking Corp. are the joint lead arrangers and bookrunners for each credit agreement.

HCA is a Nashville-based for-profit operator of health care facilities.

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