US Acute Care Solutions completes a Debt Refinancing

Overview

Size $800 Million
9.750% Senior Secured Notes due 2029
Client & Transactional Partners US Acute Care Solutions
Our Role Joint Bookrunner

Summary

KeyBanc Capital Markets Inc. and Cain Brothers successfully closed the $800 million Senior Secured Notes offering in support of US Acute Care Solutions.

Proceeds from the Notes will be used to refinance USACS’s existing Senior Secured Notes due 2026, repay borrowings under its Credit Facility, and for general corporate purposes. Initial price whisper was 10.25% yield and official price talk was later announced at 10.00%–10.25%. The deal was oversubscribed with more than 100 accounts in the final orderbook and ultimately priced with a coupon of 9.75% to yield 10.25%. 

KBCM and Cain Brothers were selected to serve as Joint Bookrunner on the transaction due to our sector expertise, debt capital markets capabilities, and existing relationship with the Company.

Founded by emergency medicine and inpatient physicians across the country, USACS is solely owned by its physicians and hospital system partners. The group is a national leader in integrated acute care, including emergency medicine, hospitalist, and critical care services. USACS provides high-quality care to approximately 10 million patients annually across more than 400 programs and is aligned with many of the leading health systems in the country.

Ryan Stilphen

David Cannon

Chris Holden

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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