HCA Inc. proposes public offering of senior notes; plans $8B unsecured credit facility to replace secured facilities

HCA Healthcare, Inc.

HCA subsidiary HCA Inc. proposes offering of senior notes; final terms (maturity, rate, amount) depend on market conditions.
Issuer intends to refinance $3.5B cash flow and $4.5B ABL secured credit facilities with new $8B senior unsecured revolving credit facility.
New facility has 5-year term, leverage covenant of 4.50:1.00 (step-up to 5.00 after material acquisition), and initial rate of Term SOFR + 1.250% plus 0.10% credit spread.
Net proceeds from note offering will be used for general corporate purposes, which may include repaying $2.95B ABL borrowings.

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