By Paul A. Harris
St. Louis, Oct. 20 - Del Laboratories Inc. priced a $185 million issue of six-year senior secured floating-rate notes (B2/B) at par on Thursday to yield three-month Libor plus 500 basis points, on top of price talk, according to an informed source.
Bear Stearns & Co. and JP Morgan ran the books for the Rule 144A issue.
Proceeds, together with an expected asset-based revolving credit facility, will be used to repay the company's existing senior credit facilities.
Del Laboratories is a Uniondale, N.Y.-based manufacturer and marketer of over-the-counter pharmaceuticals.
| Issuer: | Del Laboratories Inc.
|
| Amount: | $185 million
|
| Maturity: | Nov. 1, 2011
|
| Security description: | Senior secured floating-rate notes
|
| Bookrunners: | Bear Stearns & Co., JP Morgan
|
| Coupon: | Three-month Libor plus 500 basis points
|
| Price: | Par
|
| Yield: | Three-month Libor plus 500 basis points
|
| First call: | Nov. 1, 2007 at 102
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 28
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | Libor plus 500 basis points
|
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