By Paul A. Harris
Portland, Ore., April 29 – JLL/Delta Dutch Pledgeco BV, the parent company of DPx Holdings BV, priced an upsized $550 million issue of five-year senior PIK toggle notes (Caa2/CCC+) at par to yield 8¾% on Thursday, according to a market source.
The deal was upsized from $500 million.
The reoffer price and yield came on top of final price talk. Earlier yield guidance was 8¾% to 9%.
The cash coupon is 8¾%. The PIK coupon is 9½%.
J.P. Morgan Securities LLC, UBS Investment Bank, Jefferies LLC, KeyBanc Capital Markets and Morgan Stanley & Co. LLC were the joint bookrunners.
Proceeds will be used to fund a dividend to the parent.
The prospective issuer is a Durham, N.C.-based conglomerate with operations in pharmaceuticals and related businesses.
| Issuer: | JLL/Delta Dutch Pledgeco BV (Dpx Holdings BV)
|
| Amount: | $550 million, increased from $500 million
|
| Maturity: | May 1, 2020
|
| Securities: | PIK toggle notes
|
| Bookrunners: | J.P. Morgan Securities LLC, UBS Investment Bank, Jefferies LLC, KeyBanc Capital Markets, Morgan Stanley & Co. LLC
|
| Cash coupon: | 8¾%
|
| PIK coupon: | 9½%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | 731 bps
|
| First call: | May 1, 2016 at 102
|
| Trade date: | April 29
|
| Settlement date: | May 6
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% at par
|
| Marketing: | Quick to market
|
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