HealthEquity Announces $401.5 Million Common Stock Public Offering

February 17, 2021

Willkie represented HealthEquity, Inc., a leading administer of Health Savings Accounts and complementary Consumer-Directed Benefits, in its offering of 5 million shares of common stock.

On February 16, Willkie client HealthEquity, Inc. (NASDAQ: HQY) announced the pricing of the previously announced underwritten public offering of 5 million shares of its common stock. Gross proceeds to HealthEquity from the offering, before underwriting discounts and commissions, are expected to be $401.5 million.

BofA Securities is acting as sole book-running manager for the offering. HealthEquity intends to use the net proceeds from this offering, which closed on February 19, for potential acquisitions, repayment of indebtedness and other general corporate purposes.

On March 2, Healthequity announced the closing of the underwritten public offering of an additional 750,000 shares of its common stock pursuant to the exercise in full by the underwriter of its over-allotment option. The gross proceeds to HealthEquity from the sale of these shares are $60,225,000.

HealthEquity administers Health Savings Accounts (HSAs) and other consumer-directed benefits for more than 12 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers.

In 2019, Willkie represented HealthEquity in its approximately $2 billion acquisition of WageWorks. Willkie also represented Health Equity in its initial public offering and several additional follow-on offerings.

The current transaction was handled by partners Jeffrey Hochman and Matthew Haddad, associate Maria LaGumina, and law clerk Eric Quang.