Bioventus plans to price $415 million five-year notes on Thursday; talk mid-to-high 9% area

By Paul A. Harris

Portland, Ore., April 26 – Bioventus LLC plans to price a $415 million offering of five-year senior notes (Caa1/CCC+) on Thursday, according to market sources.

The Durham, N.C.-based company makes its debut in the high-yield bond market with this offering.

The Rule 144A and Regulation S for life deal, which was set to kick off on a Tuesday conference call with investors, is in the market with initial guidance in the mid-to-high 9% area.

Wells Fargo Securities LLC is the left bookrunner. DNB Markets Inc., J.P. Morgan Securities LLC and Truist Securities Inc. are the joint bookrunners.

MUFG, TD Securities (USA) LLC and WauBank are the senior co-managers. Citizens Capital Markets Inc., Huntington Investment Co. and Morgan Stanley & Co. LLC are the co-managers.

The notes become callable after two years at par plus 50% of the coupon.

The orthobiologics supplier plans to use the proceeds to acquire the remaining shares of CartiHeal Ltd. for approximately $265 million and to pay down the Bioventus revolver and term loan A.

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