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Alere markets $425 million eight-year notes with guidance of 6½%-6¾%
By Paul A. Harris
Portland, Ore., June 10 – Alere, Inc. began a roadshow on Wednesday in New York for a $425 million offering of eight-year senior subordinated notes (expected ratings Caa1/CCC+), according to a market source.
Preliminary guidance has the Rule 144A and Regulation S for life offering coming together with a yield of 6½% to 6¾%.
The roadshow moves to Boston on Thursday, and the deal is expected to price later that day.
J.P. Morgan Securities LLC, Goldman Sachs & Co., DnB NOR Markets Inc. and RBC Capital Markets are the joint bookrunners. RBS Securities Inc. and HSBC Bank are the co-managers.
The notes become callable after three years at par plus 75% of the coupon.
The Waltham, Mass.-based provider of medical diagnostic services plans to use the proceeds to redeem its $400 million of outstanding 8 5/8% senior subordinated notes due 2018.
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