Simpson Thacher Represents HCA in $5 Billion High Yield Debt Offering

Simpson Thacher represented HCA Inc. in its issuance of $5 billion of senior notes.  The high yield offering – the largest since the financial crisis, according to Standard & Poor’s Leveraged Commentary & Data  – was comprised of $3 billion of 6.50% Senior Secured Notes due 2020 and $2 billion of 7.50% Senior Notes due 2022.  HCA intends to use the net proceeds to redeem a portion of its outstanding secured notes.

HCA is the largest non-governmental hospital provider in the U.S. and a leading comprehensive, integrated provider of health care and related services.
The Simpson Thacher team for this transaction included: Joseph Kaufman, Ellen Smiley, Frank Kwok, Paige Fleming, Bianca Bowen and Joia Lee (Capital Markets), Jonathan Cantor and Andrew Purcell (Tax), Krista McManus (Real Estate), Timothy Mulvihill (Environmental), and Andrea Wahlquist and Samantha Shipp (Executive Compensation and Employee Benefits). Summer associate Isaac Gruber also provided invaluable assistance.