Prime Healthcare talks $700 million eight-year notes in 7½% area; pricing Friday

By Paul A. Harris

Portland, Ore., July 23 – Prime Healthcare Services, Inc. talked its $700 million offering of eight-year senior notes (B3/B+) to yield in the 7½% area, according to a syndicate source.

Books close at 4 p.m. ET on Thursday, and the Rule 144A and Regulation S for life deal is set to price Friday.

Wells Fargo Securities LLC is the left bookrunner. Barclays is the joint bookrunner. BBVA, Capital One and CIT Group are the co-managers.

The notes become callable after three years at par plus 75% of coupon.

The Ontario, Calif.-based owner and operator of acute care hospitals plans to use the proceeds to fund its acquisition pipeline, as well as to refinance its credit facility and fund a special dividend.

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