WellCare Health Plans to price $300 million 5.5-year notes Wednesday

By Paul A. Harris

Portland, Ore., May 27 – WellCare Health Plans, Inc. plans to price a $300 million offering of senior notes due November 2020 (expected ratings Ba2/BB) on Wednesday trailing a late-morning conference call with investors, according to an informed source.

Goldman Sachs & Co. is the left bookrunner for the public offering. J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the joint bookrunners.

BofA Merrill Lynch, MUFG and U.S. Bancorp Investments Inc. are the co-managers.

The notes become callable in November 2016.

The Tampa, Fla.-based Medicaid managed care provider plans to use the proceeds for general corporate purposes, including organic growth and working capital.

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