HCA closes $1.5B bond offering

In a move suggesting that the bond market's long dark period of inactivity may be coming to a close, HCA has managed to close a $1.5 billion offering of 10-year high-yield notes.

The issue, the year's biggest according to Bloomberg data, offered 8.5 percent bonds priced at 96.76 cents on the dollar, yielding 9 percent. Investors are liking this price, which offers higher returns than other comparable speculative-grade paper.

HCA announced earlier this week that it expects to announce much-better first-quarter profits for this year compared with 2008, largely due to higher outpatient volume and better control of expenses.

To learn more about HCA's latest financial strategy:
- read this piece from The Tennessean

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