By Paul A. Harris
Portland, Ore., Aug. 10 – ModivCare Inc. priced an upsized $500 million issue of 5% eight-year senior notes (B2/B+) at par to yield 4.998% on Tuesday, according to market sources.
The issue size increased from $400 million.
The yield printed tight to the 5% to 5¼% yield talk.
The notes traded up 1½ points to 2 points in active Tuesday afternoon trading, a bond trader said.
Deutsche Bank Securities Inc. managed the placement of the notes.
The Atlanta-based health care services provider plans to use the proceeds to support its acquisition of VRI Intermediate Holdings LLC.
| Issuer: | ModivCare Issuer Escrow Corp.
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| Amount: | $500 million, increased from $400 million
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| Maturity: | Oct. 1, 2029
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| Securities: | Senior notes
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| Lead: | Deutsche Bank Securities Inc.
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 4.998%
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| First call: | Oct. 1, 2024 at 102.5
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| Trade date: | Aug. 10
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| Settlement date: | Aug. 24
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| Ratings: | Moody's: B2
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| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5% to 5¼%
|
| Marketing: | Roadshow
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