Published on 6/30/2005 in the Prospect News High Yield Daily.
New Issue: Psychiatric Solutions upsizes 10-year notes to $220 million, sets yield at 7¾%
By Paul A. Harris
St. Louis, June 30 - Psychiatric Solutions Inc. priced an upsized $220 million issue of 10-year senior subordinated notes (B3/B-) at par on Thursday to yield 7¾%, according to a syndicate source.
Price talk was for a yield of 7¾% to 8%.
Citigroup ran the books for the Rule 144A/Regulation S with registration rights issue. The co-managers were Banc of America Securities, JP Morgan, Lehman Brothers and Merrill Lynch & Co.
Proceeds will be used to fund a portion of the acquisition of 20 inpatient psychiatric facilities from Ardent Health Services and for general corporate purposes.
The issue was upsized from $150 million.
Psychiatric Solutions is a Franklin, Tenn.-based company.
Issuer: | Psychiatric Solutions Inc.
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Amount: | $220 million (increased from $150 million)
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Maturity: | July 15, 2015
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Security description: | Senior subordinated notes
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Bookrunner: | Citigroup
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Co-managers: | Banc of America Securities, JP Morgan, Lehman Brothers, Merrill Lynch & Co.
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Coupon: | 7¾%
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Price: | Par
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Yield: | 7¾%
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Spread: | 379 basis points
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Call features: | Callable after July 15, 2010 at 103.875, then 102.58, 101.29, declining to par on and after July 15, 2013
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Trade date: | June 30
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Settlement date: | July 6
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Ratings: | Moody's: B3
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| Standard & Poor's: B-
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Price talk: | 7¾%-8%
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