AdaptHealth announces $300 million eight-year senior notes offer

By Paul A. Harris

Portland, Ore., July 14 – AdaptHealth LLC announced in a Tuesday press release that it intends to offer $300 million of senior notes due 2028 via Rule 144A and Regulation S, subject to market conditions.

Moody's Investors Service assigned its B1 rating to the notes.

The press release did not specify the deal's timing. Nor had any syndicate names been announced, as of midmorning Tuesday.

The present offer marks the company's debut in the high-yield bond market, according to a trader who added that AdaptHealth does have an outstanding Libor plus 350 basis points term loan due 2024 that is trading in the mid-90s, implying a yield of around 5%.

The Plymouth Meeting, Pa.-based provider of home medical equipment, supplies and related services specified in Tuesday's press release that it intends to use the net proceeds from the offering to repay certain of its existing senior secured debt.

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