Emergent BioSolutions expected to price $400 million eight-year notes on Wednesday

By Paul A. Harris

Portland, Ore., Aug. 4 – Emergent BioSolutions Inc. expects to price a $400 million offering of eight-year senior notes on Wednesday, according to market sources.

The Rule 144A and Regulation S for life deal was set to be shopped on a late Tuesday morning conference call with investors.

Initial guidance has the notes coming to yield 4½% to 4¾%, a bond trader said.

Wells Fargo Securities LLC is the left bookrunner. J.P. Morgan Securities LLC, PNC Capital Markets LLC and RBC Capital Markets LLC are the joint bookrunners.

BMO Capital Markets Corp., Capital One Securities Inc., Citizens Capital Markets Inc., Huntington Investment Co., MUFG, Truist Securities Inc. and Regions Securities LLC are the co-managers.

The notes become callable after three years at par plus 50% of the coupon.

The Rockville, Md.-based life sciences company plans to use the proceeds to repay debt under its revolving credit facility and for general corporate purposes.

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