Investors on Feb. 19 received allocations of Ardent Health Partners LLC's repriced $797 million covenant-lite first-lien term loan due June 2025 that priced at talk via a Barclays-led arranger group, according to sources. Pricing was finalized at L+375, with a 1% Libor floor and an issue price of par. With this transaction, the issuer lowers pricing on the loan from L+450, with a 1% floor. Ardent Health Partners is a Nashville, Tenn.-based acute care hospital company that owns and operates hospitals in nine urban markets across six states. The company is owned by Equity Group Investments, Ventas and company management. The borrower is AHP Health Partners Inc.
Terms:
| Borrower | AHP Health Partners, Inc. |
| Issue | $797 million first-lien term loan |
| UoP | Repricing |
| Spread | L+375 |
| Libor floor | 1.00% |
| Price | 100 |
| Tenor | June 2025 |
| YTM | 4.84% |
| Four-year yield | 4.84% |
| Call protection | 101 soft call for 6 months |
| Corporate ratings | B/B3 |
| Facility ratings | B/B1 |
| Recovery ratings | 3 |
| Financial covenants | None |
| Arrangers | Barc/BofA/CapOne |
| Admin agent | Barc |
| Px Talk | L+375/1%/100 |
| Sponsor | Equity Group Investments |
| Notes |