New Issue: Immucor prices $400 million 11 1/8% eight-year notes at 98.714 to yield 11 3/8%

By Paul A. Harris

Portland, Ore., Aug. 16 - Immucor, Inc. priced a $400 million issue of 11 1/8% eight-year senior notes (Caa1/B-/) at 98.714 to yield 11 3/8% on Tuesday, according to an informed source.

The yield printed in the middle of price talk, which had been set at 11¼% to 11½%.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and UBS Investment Bank were the joint bookrunners.

The issuing entity is IVD Acquisition Corp., which will be merged with and into Immucor.

Proceeds will be used to help fund the leveraged buyout of Immucor by TPG Capital.

Immucor is a Norcross, Ga.-based provider of automated instrument-reagent systems to the blood transfusion industry.

Issuer:	IVD Acquisition Corp. to be merged with and into Immucor, Inc.
Amount:	$400 million
Proceeds:	$394,856,000
Maturity:	Aug. 15, 2019
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Citigroup Global Markets Inc., UBS Investment Bank
Co-managers:	RBC Capital Markets, Deutsche Bank Securities Inc.
Coupon:	11 1/8%
Price:	98.714
Yield:	11 3/8%
Spread:	953 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Aug. 15, 2015, then callable at 105.563, 102.781, par on and after Aug. 15, 2017
Equity clawback:	35% at 111.125 until Aug. 15, 2014
Change-of-control put:	101%
Trade date:	Aug. 16
Settlement date:	Aug. 19
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	11¼% to 11½%
Marketing:	Roadshow

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