Simpson Thacher represented J.P. Morgan, BofA Securities, Truist Securities, Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC and the other initial purchasers in an offering of $500 million of 4.625% Senior Secured Notes due 2029 and $500 million of 5.050% Senior Secured Notes due 2034 by Universal Health Services, Inc. (“UHS”). UHS intends to use the net proceeds of the offering to retire existing indebtedness and for general corporate purposes. The offering closed on September 26, 2024.
The Firm also represented JPMorgan Chase Bank, N.A., as lead arranger and administrative agent, and the other lenders in connection with an amendment and restatement of UHS’s credit agreement to, among other things, replace the senior secured credit facilities outstanding under the existing credit agreement with a new revolving credit facility and a new replacement tranche “A” term loan facility, each maturing September 26, 2029.
UHS, through its subsidiaries, owns and operates acute care hospitals and outpatient facilities and behavioral health care facilities. As of June 30, 2024, UHS owned and/or operated 359 inpatient facilities and 48 outpatient and other facilities located in 39 states, Washington, D.C., the United Kingdom and Puerto Rico.
The Simpson Thacher team included John C. Ericson, Ben Pittenger, Nate Yang, Shub Chandrasekaran and Rebecca Carroll (Capital Markets); Patrick Ryan, Christine Marshall, Sungjoo Ahn and Jacqueline Lin (Credit); Jonathan Pall (Collateral); Vanessa Burrows and Jacob Madden (Healthcare); Pasco Struhs (Executive Compensation and Employee Benefits); Jon Cantor (Tax); Courtney Welshimer and Paige Brinton (Intellectual Property); and Jennie Getsin (Blue Sky).