Cleary Gottlieb represented HCA Healthcare (HCA) in the $8.5 billion refinancing of its senior secured credit facilities.
The new refinancing facilities include a $1.5 billion Term A loan facility, a $500 million Term B loan facility, a $2 billion revolving credit facility, and a $4.5 billion asset-based revolving credit facility. Bank of America N.A. is the administrative agent for the facilities. The amended and restated credit agreements include reduced interest rate margins and more flexible covenants.
The transactions closed on June 30, 2021, concurrently with a $2.35 billion offering of senior secured notes.
HCA is the largest non-governmental hospital operator in the United States and a leading comprehensive, integrated provider of health care and related services. HCA provides these services through a network of acute care hospitals, outpatient facilities, clinics, and other patient care delivery settings, and currently operates 185 hospitals and 121 freestanding surgery centers across 20 states throughout the United States and in England.