New Issue: United Surgical Partners $150 million 10-year notes yield 10 1/8%

By Paul A. Harris

St. Louis, Mo., Dec. 14 - United Surgical Partners, Inc. priced $150 million of senior subordinated notes due Dec. 15, 2011 (B3/B-) Friday at 99.223 to yield 10 1/8%, according to a syndicate source.

Price talk on the Rule 144A deal had been 9¾%-10%.

Credit Suisse First Boston ran the books, Lehman Brothers was joint lead and SG Cowen was co-manager.

Issuer:	United Surgical Partners, Inc.
Amount:	$150 million
Maturity:	Dec. 15, 2011
Type:	Senior subordinated notes
Bookrunner:	Credit Suisse First Boston
Coupon:	10.0%
Price:	99.223
Yield:	10 1/8%
Spread:	503 basis points over the 5% Treasury due Aug., 2011
Call features:	Callable on Dec. 15, 2006 at 105.000, then at 103.333, 101.667, declining to par on Dec. 15, 2009 and thereafter
Equity clawback:	Until Dec. 15, 2004 at 110.00 for up to 35%
Payment dates:	June 15 and Dec. 15, commencing June 15, 2002
Settlement date:	Dec. 19 (T+ 3)
Ratings:	Moody's: B3
	Standard & Poor's: B-
Cusip:	91301MAA4
End

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.