New Issue: ConvaTec prices $500 million eight-year notes at par to yield 3 7/8%

By Paul A. Harris

Portland, Ore., Sept. 30 – ConvaTec priced a $500 million issue of eight-year senior notes (Ba2/BB+) at par to yield 3 7/8% in a Thursday drive-by, according to market sources.

The yield printed at the tight end of yield talk in the 4% area. Initial guidance was in the low-4% area.

Joint physical bookrunner Goldman Sachs will bill and deliver. JPMorgan was also a joint physical bookrunner. Joint bookrunners were BBVA, Danske, DNB, Fifth Third, HSBC, MUFG, Mizuho, NatWest, SEB and SMBC.

The notes were issued via subsidiary 180 Medical, Inc.

The Reading, U.K.-based medical technology company plans to use the proceeds to pay down its term loan.

Issuer:	180 Medical, Inc.
Amount:	$500 million
Maturity:	Oct. 15, 2029
Securities:	Senior notes
Joint physical bookrunners:	Goldman Sachs (bill and deliver) and JPMorgan
Joint bookrunners:	BBVA, Danske, DNB, Fifth Third, HSBC, MUFG, Mizuho, NatWest, SEB and SMBC
Coupon:	3 7/8%
Price:	Par
Yield:	3 7/8%
Spread:	253 bps
Call protection:	Three years
Trade date:	Sept. 30
Settlement date:	Oct. 7
Ratings:	Moody's: Ba2
	S&P: BB+
Distribution:	Rule 144A and Regulation S for life
Price talk:	4% area
Marketing:	Drive-by

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