New Issue: Alere prices $450 million 5.5-year notes at par to yield 7¼%

By Paul A. Harris

Portland, Ore., Nov. 28 - Alere Inc. priced a $450 million issue of senior notes due July 1, 2018 (B3/B-/) at par to yield 7¼% on Wednesday, according to a syndicate source.

The yield printed at the wide end of the 7% to 7¼% yield talk.

Jefferies & Co., Goldman Sachs & Co. and Credit Suisse Securities (USA) LLC were the joint bookrunners for the quick-to-market deal.

Proceeds will be used to fund the tender offer for the company's 7 7/8% senior notes, to repay revolver debt and for general corporate purposes.

Alere is a Waltham, Mass.-based health-care management, monitoring and patient diagnosis services provider.

Issuer:	Alere Inc.
Amount:	$450 million
Maturity:	July 1, 2018
Securities:	Senior notes
Bookrunners:	Jefferies & Co., Goldman Sachs & Co., Credit Suisse Securities (USA) LLC
Co-managers:	DNB Markets, Inc., RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
Coupon:	7¼%
Price:	Par
Yield:	7¼%
First call:	Make-whole at Treasuries plus 50 bps until Dec. 15, 2015, then callable at 103.625
Equity clawback:	35% at 107.25 until Dec. 15, 2015
Change-of-control put:	101%
Trade date:	Nov. 28
Settlement date:	Dec. 11
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7% to 7¼%
Marketing:	Quick to market

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