Fitch Rates HCA’s Proposed First Lien Notes Offering ‘BB/RR1’
Fitch Ratings has assigned a ‘BB/RR1’ rating to HCA’s proposed $1.0 billion First Lien Notes offering. Fitch expects proceeds from the 10.5 year notes issuance will be used to make mandatory pro rata payments to its First Lien Term Loan A, maturing Nov. 17, 2012; Term Loan B, maturing Nov. 17, 2013; and European Term Loan, maturing Nov. 17, 2013. The Rating Outlook is Stable. Total rated debt at Dec. 31, 2009, was approximately $25.67 billion.
On Feb. 1, 2010, Fitch affirmed HCA’s rating after the company’s announcement to pay a special dividend of $1.75 billion to shareholders, funded by cash on-hand and borrowings from the company’s $2 billion senior secured asset-based revolving credit facility and $2 billion senior secured revolving credit facility, both maturing in November 2012. [Read the full article]
Sterling Bancshares, Inc. (Nasdaq:SBIB – News) announced today that it has completed the previously announced registered offering of 20 million shares of common stock, which includes 2.6 million shares issued pursuant to the underwriter’s over-allotment option. On February 25, 2010, the common stock underwriter, Morgan Stanley & Co. Incorporated, exercised in full their option to purchase the additional 2.6 million shares. The offering resulted in net proceeds of approximately $86.8 million, after deducting underwriting fees and estimated offering expenses. Morgan Stanley & Co. Incorporated served as sole book-running manager for the equity offering. Sandler O’Neill + Partners, L.P. acted as co-manager for the equity offering.
Sterling Bancshares, Inc. [Read the full article]
Copano Energy, L.L.C. (Nasdaq:CPNO – News) today announced that it plans to sell 6,300,000 common units representing limited liability company interests in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters have been granted a 30-day option to purchase up to 945,000 additional common units.
Copano intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its revolving credit facility and expects to use the increased borrowing capacity as needed for capital projects, acquisitions, hedging, working capital and general corporate purposes.
Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities will act as joint book-running managers of the offering. Barclays Capital, J.P. Morgan, RBC Capital Markets and Ladenburg Thalmann & Co. Inc. [Read the full article]
Ctrip.com International, Ltd. (Nasdaq:CTRP – News) (“Ctrip” or the “Company”), a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today announced that it intends to offer, subject to market and other conditions, 5,700,000 American depositary shares (“ADSs”), each representing 0.25 ordinary shares of the Company. Ctrip intends to grant the underwriter an option to purchase up to an additional 855,000 ADSs. The net proceeds from this offering will be used for Ctrip’s strategic acquisitions of and investments in complementary businesses and assets, and for other general corporate purposes.
This offering will be made under Ctrip’s registration statement on Form F-3 filed with the Securities and Exchange Commission on March 2, 2010. [Read the full article]