Providence Service talks $500 million five-year notes to yield 6%-6¼%; pricing Wednesday

By Paul A. Harris

Portland, Ore., Oct. 21 – Providence Service Corp. talked its $500 million offering of five-year senior notes (B2/B+) to yield 6% to 6¼%, according to market sources.

Official talk comes tight to early guidance in the 6¼% to 6½% area.

Books close at 1 p.m. ET on Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Jefferies LLC, Deutsche Bank Securities Inc., BofA Securities Inc., Truist Securities Inc. and Regions Securities LLC are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon.

The Stamford, Conn.-based technology-enabled health care services company plans to use the proceeds to fund the acquisition of Simplura Health Group, a home care services provider.

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