By Andrea Heisinger
New York, May 5 - Hospira, Inc. sold $250 million 6.4% six-year notes Tuesday to yield Treasuries plus 437.5 basis points, two market sources said.
The notes (Baa3/BBB/) priced at 99.796 to yield 6.441%. There is a make-whole call at Treasuries plus 50 bps.
The notes feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC and Morgan Stanley & Co. Inc.
Co-managers were Citigroup Global Markets Inc., RBS Securities Inc. and Wachovia Capital Markets LLC.
Proceeds will be used for general corporate purposes, including debt repayment.
The specialty pharmaceutical and medication delivery company is based in Lake Forest, Ill.
| Issuer: | Hospira, Inc.
|
| Issue: | Notes
|
| Amount: | $250 million
|
| Maturity: | May 15, 2015
|
| Bookrunners: | Banc of America Securities LLC, Morgan Stanley & Co. Inc.
|
| Co-managers: | Citigroup Global Markets Inc., RBS Securities Inc., Wachovia Capital Markets LLC
|
| Coupon: | 6.4%
|
| Price: | 99.796
|
| Yield: | 6.441%
|
| Spread: | Treasuries plus 437.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 5
|
| Settlement date: | May 8
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
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