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Simpson Thacher recently represented HCA Inc. in three refinancings of its $13.55 billion/€1.0 billion senior secured cash flow credit facility, enabling HCA to obtain lower pricing on its term loans.  To effect the first transaction, HCA Inc. entered into a Joinder Agreement on April 25, 2013 pursuant to which a new, $2.374 billion tranche of B-4 term loans was established to replace HCA’s tranche B-3 term loans.  Subsequently, on May 3, 2013, HCA entered a second Joinder Agreement by which $2.00 billion of new tranche B-5 term loans were created to pay down HCA’s tranche B-2 term loans.  Finally, on May 22, 2013, HCA entered a third Joinder Agreement, establishing $726 million of new tranche A-4 term loans to pay down its tranche A-3 term loans.

HCA is the largest non-governmental hospital operator in the U.S. and a leading comprehensive, integrated provider of health care and related services.

The Simpson Thacher team for this transaction included: James Cross, Brian Gluck, Chad Pearlman and Andrew Des Rault (Banking and Credit); and Jonathan Pall (UCC/Collateral).