By Paul A. Harris
Portland, Ore., July 15 – AdaptHealth LLC priced an upsized $350 million issue of eight-year senior notes (B1/B+) at par to yield 6 1/8% on Wednesday, according to market sources.
The issue size increased from $300 million.
The yield printed at the tight end of yield talk in the 6¼% area. Initial talk was in the high 6% area.
J.P. Morgan Securities LLC managed the sale.
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.
| Issuer: | AdaptHealth Corp.
|
| Amount: | $350 million, increased from $300 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Call protection: | Three years
|
| Trade date: | July 15
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¼% area
|
| Marketing: | Roadshow
|
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