Cheplapharm expected to price €1 billion equivalent 7.25-year secured notes on Wednesday

By Paul A. Harris

Portland, Ore., Oct. 7 – Cheplapharm Arzneimittel GmbH is expected to price €1 billion equivalent of 7.25-year senior secured notes (B2/B) on Wednesday, according to market sources.

The deal includes a €575 million tranche of notes talked to yield in the 4½% area and a $500 million tranche talked to yield in the 5¾% area.

JPMorgan is the lead.

The notes in both tranches come with 3.25 years of call protection.

The Greifswald, Germany-based pharmaceutical company plans to use the proceeds, along with cash on hand, to buy 23 products from four different pharmaceutical companies.

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