Doc Generici talks €470 million seven-year floaters at Euribor plus 387.5 bps-400 bps at par

By Paul A. Harris

Portland, Ore., June 13 – Italian pharmaceutical group Doc Generici talked its €470 million offering of senior secured floating-rate notes (B2/B) at par with a coupon of Euribor plus 387.5 basis points to 400 bps, according to market sources.

Official talk comes tighter than initial talk of Euribor plus 400 bps to 425 bps.

The roadshow was scheduled to conclude on Thursday.

Global coordinator BNP Paribas is the physical bookrunner for the Rule 144A and Regulation S offering. UniCredit is also a global coordinator. Credit Agricole CIB is the joint bookrunner.

The notes become callable after one year at 101.

The issuing entity will be Diocle SpA.

The Milan-based generic drugmaker plans to use the proceeds to refinance debt incurred in the spring when Intermediate Capital Group and Merieux Equity Partners acquired Doc Generici from CVC Capital Partners for €1.1 billion.

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