WellCare whispers $1.2 billion eight-year senior notes at 5% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 8 – WellCare Health Plans, Inc. plans to price a $1.2 billion offering of eight-year senior notes on Wednesday, according to market sources.

The deal is in the market with initial guidance in the 5% area, a trader said.

J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Goldman Sachs & Co., BofA Merrill Lynch and MUFG are the joint bookrunners for the public offering.

U.S. Bancorp Investments Inc. is the co-manager.

The notes come with three years of call protection.

The Tampa, Fla.-based provider of government-sponsored managed care services plans to use the proceeds to redeem or repay $900 million of its 5¾% senior notes due 2020, to repay amounts outstanding from time to time under its revolving credit facility, and, thereafter, for general corporate purposes, including organic growth and working capital.

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