By Paul A. Harris
Portland, Ore., June 14 – Italian pharmaceutical group Doc Generici priced its €470 million offering of seven-year senior secured floating-rate notes (B2/B) at par to yield three-month Euribor plus 387.5 basis points on Thursday, according to a market source.
The spread came at the tight end of the 387.5 bps to 400 bps spread talk and tighter than initial talk of 400 bps to 425 bps.
Global coordinator BNP Paribas was the physical bookrunner. UniCredit was also a global coordinator. Credit Agricole CIB was the joint bookrunner.
The notes were issued via 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.
| Issuer: | Diocle SpA
|
| Amount: | €470 million
|
| Tenor: | Seven years
|
| Securities: | Senior secured floating-rate notes
|
| Physical bookrunner: | BNP Paribas
|
| Global coordinators: | BNP Paribas and UniCredit
|
| Joint bookrunner: | Credit Agricole CIB
|
| Coupon: | Three-month Euribor plus 387.5 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 387.5 bps
|
| Call protection: | Callable after one year at 101
|
| Trade date: | June 13
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Euribor plus 387.5 bps to 400 bps
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
