Ardent Health starts roadshow for $300 million eight-year notes

By Abigail W. Adams

Portland, Me., June 21 – AHP Health Partners Inc., a wholly owned subsidiary of Ardent Health Services LLC, has started a roadshow for a $300 million offering of eight-year senior notes (Caa2/CCC+), which will run through Wednesday.

The notes are non-callable for three years.

BofA Securities Inc., Barclays and J.P. Morgan Securities LLC are joint bookrunners for the Rule 144A and Regulation S offering.

The notes have an equity clawback of up to 40% for the first three years and a poison put of 101.

Proceeds, together with cash on hand, will be used to redeem, repay, or retire in full the $475 million in principal of the company’s outstanding 9¾% senior notes due 2026 notes.

Arden Health is a Nashville-based owner and operator of acute care facilities.

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