Change Healthcare to price $200 million tap of 5¾% notes due 2025 in Thursday drive-by

By Paul A. Harris

Portland, Ore., April 16 – Change Healthcare Holdings, LLC and Change Healthcare Finance, Inc. plan to price a $200 million add-on to their 5¾% senior notes due March 1, 2025 (existing ratings Caa1/B-) in a Thursday drive-by trailing a mid-morning conference call with investors, according to syndicate source.

Goldman Sachs & Co. LLC is the left bookrunner. Barclays, J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, ING Financial Markets LLC, MUFG and SunTrust Robinson Humphrey Inc. are the joint bookrunners. Blackstone is the co-manager.

The Rule 144A and Regulation S for life notes become callable on March 1, 2021 at 102.875.

The Nashville, Tenn.-based health care information and technology company plans to use the proceeds for general corporate purposes, which may include the acquisition of companies or businesses, including the potential acquisition of eRx Network, for debt repayment and refinancing, for working capital and for capital expenditures.

The original $1 billion issue priced in February 2017.

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