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Inverness Medical to price $150 million 6.5-year notes on Wednesday
By Paul Deckelman
New York, Aug.4 - Inverness Medical Innovations Inc. is expected to price $150 million of senior notes due 2016 on Wednesday, high yield syndicate sources said, and plans to use the proceeds to fund a previously announced acquisition.
The sources said the deal will be marketed to potential investors via a Wednesday morning conference call, with pricing expected late in the afternoon. The offering is being led by joint bookrunners Jefferies & Co., Inc., Goldman Sachs & Co. and Wells Fargo Securities, LLC.
Inverness said Tuesday that the notes are being sold though a public offering under the company's shelf registration statement already filed with the Securities and Exchange Commission. They will carry call protection for the first three-and-a-half years after issue, or until early 2013.
Inverness, a Waltham, Mass.-based provider of consumer and professional medical diagnostic products and services as well as vitamins and nutrition supplements, said that it plans to use the anticipated deal proceeds to fund its previously announced acquisition of Concateno plc, a London-based supplier of diagnostic products and services used to detect drug and alcohol abuse. The cash-and-stock deal, which the two companies unveiled on June 5, is valued at approximately £147 million, or about $236 million, and includes assumption of £24 million of debt. That transaction is expected to close next Tuesday.
Moody's Investors Service on Tuesday assigned a B2 rating to the proposed $150 million bond deal, concurrently upgraded the company's speculative grade liquidity rating to SGL-2 from SGL-3 and affirmed Inverness' B1 corporate family and probability of default ratings, with a stable outlook. The new deal is expected to get a B- rating from Standard & Poor's.
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