AdaptHealth talks $500 million 8.5-year notes to yield in 4¾% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Dec. 14 – AdaptHealth LLC talked its $500 million offering of 8.5-year senior notes (B1/expected B-) to yield in the 4¾% area, according to market sources.

Official talk comes tighter than initial guidance in the low 5% area.

Books close at 10 a.m. ET on Tuesday, and the deal is set to allocate thereafter.

Jefferies LLC, Truist Securities Inc., Regions Securities LLC, Citizens Capital Markets Inc., KeyBanc Capital Markets Inc., Fifth Third Securities Inc., Deutsche Bank Securities Inc., RBC Capital Markets Corp. and Janney Montgomery Scott LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The Plymouth Meeting, Pa.-based provider of home health care equipment and medical supplies plans to use the proceeds, along with long-term borrowings and cash on hand, to fund its acquisition of AeroCare Holdings Inc., an Orlando, Fla.-based technology-enabled respiratory and home medical equipment distribution platform.

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