NASHVILLE, Tenn., June 8, 2018 /PRNewswire/ -- Ardent Health
Services today 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. ("AHP
Health Partners"), a direct majority-owned subsidiary of Ardent
Health Partners, LLC ("Ardent"), of up to $535 million aggregate principal amount of
senior unsecured notes due 2026 (the "Notes") 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.
This press release is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Ardent Health Services
Ardent Health Services invests in people, technology, facilities
and communities, producing high-quality care and results. Based in
Nashville, Tennessee, Ardent's
subsidiaries operate 31 acute care hospitals, including two
rehabilitation hospitals, two surgical hospitals and one managed
hospital, in seven states. Ardent operations are owned by an
affiliate of Equity Group Investments (EGI), a Chicago-based private investment firm; Ventas,
Inc. (NYSE: VTR), a publicly traded real estate investment trust;
and members of Ardent's executive management team.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the federal securities laws, which are intended to
be covered by the safe harbors created thereby. These
forward-looking statements include all statements that are not
historical statements of fact and those statements regarding our
intent, belief or expectations including, but not limited to,
Ardent's plans, objectives, expectations and other statements that
are not historical facts. Words such as "anticipates,"
"expects," "intends," "plans," "predicts," "believes," "seeks,"
"estimates," "could," "would," "will," "may," "can," "continue,"
"potential," "should" and the negative of these terms or other
comparable terminology often identify forward-looking
statements. Forward-looking statements involve known and
unknown risks and uncertainties that may cause actual results to
differ materially from those anticipated in the forward-looking
statements in this press release. Factors, risks, and
uncertainties that could cause actual outcomes and results to be
materially different from those contemplated in such
forward-looking statements include, among others, the effect of the
debt markets on the proposed refinancing transactions, Ardent's
ability to finalize definitive documentation with respect to the
proposed refinancing transactions; and Ardent's ability to satisfy
the closing conditions to the proposed refinancing
transactions. You are cautioned not to put undue reliance on
any forward-looking statements, which speak only as of the date of
this press release. Except as otherwise required by law, we
do not undertake any obligation to update or revise any
forward-looking statements to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise.
Media Contact:
Tyra
Palmer
Ardent Health Services
(918) 346-2577
tpalmer@ardenthealth.com
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SOURCE Ardent Health Services