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WellCare Health Plans bonds (BB/Ba2) price at par to yield 5.75%

WellCare Health Plans today completed an offering of senior notes via bookrunners Goldman Sachs, J.P. Morgan, and SunTrust, according to sources. Terms were inked at the tight end of talk and at the target size of $600 million. Issuance comes off the shelf and note that the three-year equity clawback amount is for 40% of the issue, rather than the standard 35%. Proceeds from the BB/Ba2 offering will be used for refinancing debt and general corporate purposes, including acquisitions and business opportunity development. As of Sept. 30, the company had $336.5 million outstanding under an existing facility – all of which is anticipated to be refinanced using the proceeds. Terms:

Issuer WellCare Health Plans
Ratings BB/Ba2
Amount $600 million
Issue senior notes (SEC Reg.)
Coupon 5.75%
Price 100
Yield-to-Worst 5.75%
Spread T+364
FRN eq. L+353
Maturity Nov. 15, 2020
Call nc3
Trade Nov. 8, 2013
Settle Nov. 14, 2013 (T+3)
Joint Bookrunners GS/JPM/Sun
Co-leads
Co’s.
Px talk 5.875% area
Notes w/ three-year equity clawback for 40% @ 105.75; subject to T+50 make-whole call.