HCA Inc. filed a free writing prospectus on November 2, 2026, disclosing final pricing terms for a seven-tranche senior notes offering totaling approximately $6.5 billion in aggregate principal amount.

Key Highlights

  • Seven tranches priced: The offering includes fixed-rate notes due 2028, 2029, 2031, 2033, 2036, and 2056, plus floating rate notes due 2028, filed under Registration No. 333-295336.
  • Largest tranche: The 6.000% Senior Notes due 2036 carry an aggregate principal amount of $1,500,000,000, the single largest tranche in the offering.
  • Floating rate notes: The $300,000,000 Floating Rate Senior Notes due 2028 are priced at 100.000% of principal, with a spread of +75 basis points over Compounded SOFR, and net proceeds of $299,550,000 before expenses.
  • 2028 fixed notes terms: The $500,000,000 5.200% Senior Notes due 2028 were priced at 99.931% of principal, with a yield to maturity of 5.237% and net proceeds of $498,905,000 before expenses.
  • 2031 notes terms: The $1,250,000,000 5.500% Senior Notes due 2031 were priced at 99.565% of principal, with a yield to maturity of 5.600% and net proceeds of $1,240,187,500 before expenses.
  • Settlement date: According to the filing, accrued interest begins from November 5, 2026 across the fixed-rate tranches.

HCA Inc. Prices Multi-Tranche Debt Offering Across Maturities From 2028 to 2056

HCA Inc., the issuer identified in the filing, priced seven tranches of senior notes on November 2, 2026, supplementing a preliminary prospectus supplement of the same date. HCA Inc. is the operating subsidiary through which HCA Healthcare, Inc. conducts its hospital and healthcare facility operations. The filing was made pursuant to Rule 433 as an Issuer Free Writing Prospectus under Registration No. 333-295336.

The fixed-rate tranches span maturities from 2028 through 2056, with coupons ranging from 5.200% on the shortest dated notes to 6.500% on the $750,000,000 6.500% Senior Notes due 2056. Each fixed-rate tranche was benchmarked against a specific U.S. Treasury security, with spreads ranging from +65 basis points for the 2028 notes to +105 basis points for the 2033 notes, according to the filing. The 2029 notes, carrying a coupon of 5.350%, were priced at 99.860% of principal with a yield to maturity of 5.400% and net proceeds before expenses of $996,100,000. The 2033 notes, at a coupon of 5.750%, were priced at 99.485% of principal with a yield to maturity of 5.840% and net proceeds of $1,189,020,000 before expenses.

Each fixed-rate tranche that matures in 2029 or later includes an optional redemption feature allowing HCA Inc. to redeem the notes at par on or after a specified par call date. Prior to that date, the redemption price equals the greater of the present value of remaining payments discounted at the applicable Treasury Rate plus a specified spread, or 100% of principal, in each case plus accrued interest, according to the filing. Interest payment dates and record dates vary by tranche, with certain tranches paying on May 3 and November 3, and others on May 15 and November 15 of each year.

What Was Disclosed

HCA Inc. disclosed final pricing, yield, spread, public offering price, net proceeds, CUSIP and ISIN identifiers, interest payment dates, record dates, and optional redemption terms for each of the seven senior notes tranches included in this offering, dated November 2, 2026.