By Paul A. Harris
Portland, Ore., Nov. 22 – Aveanna Healthcare LLC priced a $560 million issue of seven-year first-lien senior secured notes (B2/B-) at par to yield 9¾% on Friday, according to market sources.
The yield printed at the tight end of the 9¾% to 10% yield talk and at the wide end of initial guidance in the mid-to-high 9% area.
There are also document changes that primarily bear upon how the company may disburse cash and incur additional debt.
The document changes also removed a special call provision that would have allowed the issuer to redeem 10% of the notes annually at 103 during the three-year non-call period.
Barclays, BMO Capital Markets Corp., Jefferies LLC and Deutsche Bank Securities Inc. were the joint bookrunners.
The Atlanta-based provider of pediatric home care services plans to use the proceeds to finance the acquisition of Maxim Health Services, Inc.’s home care services division.
| Issuer: | Aveanna Healthcare LLC
|
| Amount: | $560 million
|
| Maturity: | Dec. 15, 2026
|
| Securities: | First-lien senior secured notes
|
| Bookrunners: | Barclays, BMO Capital Markets Corp., Jefferies LLC and Deutsche Bank Securities Inc.
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| First call: | Dec. 15, 2022 104.875
|
| Trade date: | Nov. 22
|
| Settlement date: | Dec. 9
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9¾% to 10%
|
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