HealthEquity, Inc. announced that it has commenced, subject to market and other conditions, an offering of $500 million aggregate principal amount of its senior notes due 2029. It is expected that the senior notes will be guaranteed by certain of HealthEquitys subsidiaries on a senior unsecured basis. HealthEquity intends to use the net proceeds from the offering, together with cash on hand and borrowings under new credit facilities, to refinance outstanding amounts under its existing term loan and/or for general corporate purposes. The senior notes and related guarantees are being offered only to investors who are reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The senior notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.