HealthEquity driving by with $100 million tap of 4½% notes due 2029; initial talk 100.5 area

By Paul A. Harris

Portland, Ore., Oct. 4 – Making its second pass at the high-yield new issue market in less than a week, HealthEquity, Inc. plans to price a $100 million add-on to its 4½% senior notes due Oct. 1, 2029 (B3/B) in a Monday drive-by, according to market sources.

Initial price talk is in the 100.5 area.

J.P. Morgan Securities LLC is the bookrunner for the Rule 144A and Regulation S offering. Raymond James & Associates is the co-manager.

The notes are non-callable before Oct. 1, 2024.

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 term loan and/or for general corporate purposes.

The original $500 million issue priced last Tuesday.

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