Option Care Health starts roadshow for $500 million eight-year notes; initial talk high 4% area

By Paul A. Harris

Portland, Ore., Oct. 20 – Option Care Health, Inc. started a roadshow on Wednesday for its $500 million offering of eight-year senior notes (expected ratings B3/B-), according to market sources.

The deal, which was set to kick off on a Wednesday conference call with investors, is in the market with initial guidance in the high 4% area and is scheduled to price on Friday.

BofA Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners. J.P. Morgan Securities LLC and Truist Securities Inc. are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101% poison put.

The Bannockburn, Ill.-based provider of home and alternate treatment site infusion therapy services plans to use the proceeds plus a new first-lien term loan and cash on hand to refinance its existing first-lien term loan.

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