New Issue: Allergan sells $800 million 10-year senior notes to yield 5.788%

By Ronda Fears

Memphis, April 6 - Allergan, Inc. sold $800 million of 10-year notes at 99.717 with a 5¾% coupon to yield 5.788% via joint lead managers Banc of America Securities LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co. and Morgan Stanley & Co. Inc.

The company also was due to price after Thursday's close $700 million of 20-year convertible bonds, which were talked to yield 1.0% to 1.5% with a 20% to 25% initial conversion premium.

Irvine, Calif.-based Allergan plans to use proceeds from the offerings, along with cash on hand, to repay the $825 million outstanding under the bridge credit facility it entered into in connection with its acquisition of Inamed Corp. and transaction expenses from the deal, to redeem its 0% convertible due 2022 and to repurchase $257 million of stock.

Issuer:	Allergan, Inc.
Issue:	Senior notes
Amount:	$800 million
Lead managers:	Banc of America Securities LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co. and Morgan Stanley & Co. Inc.
Maturity:	April 1, 2016
Coupon:	5.75%
Price:	99.717
Yield:	5.788%
Spread:	90 bps over comparable Treasuries
Ratings:	Moody's: A3
	S&P: A
Pricing date:	April 6
Settlement date:	April 11
Distribution:	Rule 144A

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