By Paul A. Harris
Portland, Ore., Oct. 22 – Option Care Health, Inc. priced a $500 million issue of eight-year senior notes (B3/B-) at par to yield 4 3/8% on Friday, according to market sources.
The yield printed at the tight end of yield talk in the 4½% area and inside of initial guidance in the high 4% area.
At the close of books, orders totaled $3 billion for the $500 million of notes offered, a trader said.
BofA Securities Inc. and Morgan Stanley & Co. LLC were the joint bookrunners.
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.
| Issuer: | Option Care Health, Inc.
|
| Amount: | $500 million
|
| Maturity: | Oct. 31, 2029
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Securities Inc. and Morgan Stanley & Co. LLC
|
| Co-managers: | J.P. Morgan Securities LLC and Truist Securities Inc.
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 286 bps
|
| First call: | Oct. 31, 2024 at 102.188
|
| Trade date: | Oct. 22
|
| Settlement date: | Oct. 27
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% area
|
| Marketing: | Roadshow
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
