Well Health Technologies Corp. is preparing to sell $150 million of high-yield bonds maturing in five years, according to people familiar with the matter. The deal will be conducted through a private placement, and the proceeds will be used to repay the company’s convertible bond due this year, as well as for general corporate purposes, the sources said, asking not to be identified because they are not authorized to speak publicly.
Bond Details and Terms
Well Health will have the option to buy back the debt after two years. The company, which operates health-care clinics and digital health assets, spoke with fixed-income investors on Thursday. It received a new issuer rating of B (high) with a stable trend from Morningstar DBRS.
Company Background and Use of Proceeds
The Canadian company’s move to issue high-yield bonds comes as it seeks to refinance existing obligations. Representatives for Well Health did not immediately respond to requests for comment.
