HealthEquity driving by with $500 million eight-year senior notes; initial talk high-4% area

By Paul A. Harris

Portland, Ore., Sept. 28 – HealthEquity, Inc. plans to price a $500 million offering of eight-year senior notes (B3/B) in a Tuesday drive-by, according to market sources.

Initial guidance is in the high-4% area.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities Inc. and RBC Capital Markets LLC are the joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The Draper, Utah-based health care financial services provider plans to use the proceeds plus cash on hand and new credit facilities to refinance its existing term loan and/or for general corporate purposes.

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