U.S. Acute Care talks $800 million five-year secured notes to yield 10%-10¼%; pricing Monday

By Abigail W. Adams

Portland, Me., April 29 – U.S. Acute Care Solutions LLC talked its $800 million offering of five-year senior secured notes (B3/B-) with a discounted offer price of 2 points to yield 10% to 10¼%, according to a market source.

Early guidance was for a coupon in the high 9% area and a discounted offer price to yield 10¼%.

Timing was accelerated with books closing at 3 p.m. ET on Monday and pricing expected thereafter.

The deal was initially slated to stay in the market until Tuesday.

The notes are non-callable for two years.

Barclays, Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., J.P. Morgan Securities LLC and Capital One Securities Inc. are bookrunners for the Rule 144A and Regulation S for life offering.

Proceeds will be used to refinance the company’s senior secured notes and repay borrowings under the revolving credit facility.

U.S. Acute Care Solutions is a Canton, Ohio-based physician-owned emergency medicine, hospital and observation services provider.

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