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AHP Health Partners Closes Refi for Ardent Health Services

June 11, 2018, 07:05 AM
Filed Under: Healthcare

Ardent Health Services announced a plan to refinance its existing debt. The proposed transactions include $990 million in new senior secured credit facilities and the issuance by AHP Health Partners, Inc, a direct majority-owned subsidiary of Ardent Health Partners, LLC, of up to $535 million aggregate principal amount of senior unsecured notes due 2026 in a private offering. The Notes will be guaranteed on a senior unsecured basis by Ardent and certain of its existing and future wholly-owned domestic subsidiaries (other than AHP Health Partners) that are guarantors under the new senior secured credit facilities.

Net proceeds from the proposed transactions will be used to refinance or otherwise extinguish Ardent's existing credit facilities, pay related fees and expenses and provide working capital and funds for other general corporate purposes.

The closing of the Notes offering is conditioned on the substantially concurrent consummation of $990 million in new senior secured term loan and asset-based revolving credit facilities. The proposed refinancing transactions are expected to close later this month, subject to market and other customary conditions and finalizing definitive documentation.  There can be no assurance that the proposed refinancing transactions will be completed on a timely basis, or at all.

The Notes and the guarantees will be offered in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Notes and the guarantees will be offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act.

The Notes and the guarantees have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

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