By Andrea Heisinger
New York, March 7 - Allergan, Inc. sold $600 million of notes (A3/A+/A+) Thursday in two maturities, an informed source said.
A $250 million tranche of 1.35% five-year notes was priced at 99.793 to yield 1.393% with a spread of Treasuries plus 55 basis points. There is a make-whole call at Treasuries plus 10 bps.
There was also $350 million of 2.8% 10-year notes sold at 99.714 to yield 2.833% with a spread of Treasuries plus 85 bps. The tranche has a make-whole call at Treasuries plus 15 bps until Dec. 15, 2022 and a par call after that date.
Active bookrunners were BofA Merrill Lynch and Goldman Sachs & Co. Passive bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes.
Allergan was last in the U.S. bond market with a $650 million sale of 3.375% 10-year notes priced at 80 bps over Treasuries on Sept. 7, 2010.
The multi-specialty health care company is based in Irvine, Calif.
| Issuer: | Allergan, Inc.
|
| Issue: | Notes
|
| Amount: | $600 million
|
| Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co. (active), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC (passive)
|
| Co-manager: | Wells Fargo Securities LLC
|
| Trade date: | March 7
|
| Settlement date: | March 12
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A+
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | March 15, 2018
|
| Coupon: | 1.35%
|
| Price: | 99.793
|
| Yield: | 1.393%
|
| Spread: | Treasuries plus 55 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
|
|
| 10-year notes
|
| Amount: | $350 million
|
| Maturity: | March 15, 2023
|
| Coupon: | 2.8%
|
| Price: | 99.714
|
| Yield: | 2.833%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Make-whole at Treasuries plus 15 bps to Dec. 15, 2022, par call after
|
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