HealthEquity Announces $600 Million Senior Note Offerings and $1.35 Billion Credit Facility

October 8, 2021

Willkie represented HealthEquity in the offerings under Rule 144A of $600 million senior notes due 2029 and the arrangement of a new $1.35 billion credit facility.

HealthEquity, Inc., the nation’s largest independent health savings account non-bank custodian, announced on September 28 that it priced an offering of $500 million aggregate principal amount of its 4.500% senior notes due 2029. The company subsequently announced on October 4 that it priced an offering of an additional $100 million aggregate principal amount of such notes.  The offerings, the first debt offerings by HealthEquity, were made pursuant to Rule 144A.

HealthEquity, Inc. also entered into a five-year senior secured $1.35 billion credit facility on October 8, 2021, a portion of the proceeds of which were used to refinance its existing senior secured credit facility.

Willkie previously represented HealthEquity in its approximately $2 billion acquisition of WageWorks and various other acquisitions, as well as in its initial public offering and several follow-on offerings.

HealthEquity and its subsidiaries administer health savings accounts and other consumer-directed benefits for more than 13 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers.

The Willkie team for the notes offerings was led by partners Jeffrey Hochman and Matthew Haddad, and included associates Ransel Potter and Eric Quang. Counsel Catherine Harrington and associate David Griffiths also advised on the offerings. The credit facility arrangement was led by partner Daniel Durschlag, counsel Najeh Baharun and associate Robert Mostek.