HCA Inc., the hospital chain taken private five years ago in a $33 billion leveraged buyout, plans to start marketing shares next week in an initial public offering, said a person familiar with the company’s plans.
HCA will seek $27 to $30 a share when it starts its road show on Feb. 22, said the person, asking not to be named because the information is private. The company said in December that it plans to sell as much as $4.6 billion in stock.
The hospital operator is trying to go public less than four months after taking on new debt to pay its owners, including KKR & Co., Bain Capital LLC and Bank of America Corp., a $2 billion dividend. Private-equity firms, taking advantage of a rally in leveraged loans and stocks, are stepping up dividend recapitalizations and initial public offerings to return money to their investors.
KKR is hoping an increase in distributions will encourage investors to commit capital to its 11th North American buyout fund.
Officials for HCA, Bank of America, KKR and Bain didn’t immediately return phone calls seeking comment.
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