By Paul A. Harris
Portland, Ore., Dec. 15 – AdaptHealth LLC priced a $500 million issue of 8.5-year senior notes (B1/B-) at par to yield 4 5/8% on Tuesday, according to market sources.
The yield printed at the tight end of yield talk in the 4¾% area. Initial guidance was in the low 5% area.
Jefferies LLC was at the left of a syndicate of bookrunners that also included 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.
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.
| Issuer: | AdaptHealth LLC
|
| Amount: | $500 million
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| Tenor: | 8.5 years
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| Securities: | Senior notes
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| Bookrunners: | 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
|
| Coupon: | 4 5/8%
|
| Price: | Par
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| Yield: | 4 5/8%
|
| Call protection: | Three years
|
| Trade date: | Dec. 15
|
| Settlement date: | Jan. 4
|
| Ratings: | Moody's: B1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% area
|
| Marketing: | Roadshow
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