By Paul A. Harris
St. Louis, Jan. 19 - Del Laboratories Inc. priced an upsized $175 million of seven-year senior subordinated notes (B3/CCC+) at 99.34 with an 8% coupon to yield 8 1/8%, according to a syndicate source.
The yield printed inside of the 8¼% to 8½% price talk.
Bear Stearns & Co. and JP Morgan ran the books for the Rule 144A/Regulation S with registration rights issue. Deutsche Bank Securities was the co-manager.
Proceeds will be used to help fund the acquisition of Del Laboratories by Kelso & Co. and Church & Dwight.
The issue was upsized from $150 million.
The issuer is a Uniondale, N.Y.-based manufacturer and marketer of over-the-counter pharmaceuticals.
| Issuer: | Del Laboratories Inc.
|
| Amount: | $175 million (increased from $150 million)
|
| Maturity: | Feb. 1, 2012
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Bear Stearns & Co., JP Morgan
|
| Co-manager: | Deutsche Bank Securities
|
| Coupon: | 8%
|
| Price: | 99.34
|
| Yield: | 8 1/8%
|
| Spread: | 417 basis points
|
| Call features: | Callable after Feb. 1, 2008 at 104.0, 102.667, 101.33, par on and after Feb. 1, 2011
|
| Equity clawback: | Until Feb. 1, 2008 for 35% at 108.0
|
| Trade date: | Jan. 19
|
| Settlement date: | Jan. 27
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Price talk: | 8¼%-8½%
|
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