Almirall talks €325 million seven-year notes to yield in 5% area; pricing expected Wednesday

By Paul A. Harris

Portland, Ore., March 18 - Barcelona-based pharmaceutical firm Almirall SA talked its €325 million offering of seven-year senior notes (Ba3/BB-) to price with a yield in the 5% area, market sources said on Tuesday.

The roadshow was cut short, with the cancellation of planned Wednesday stops in Paris and Frankfurt, and timing on the deal was moved ahead. Pricing is now set for Wednesday.

Joint bookrunner Deutsche Bank will bill and deliver. BBVA, Banca March and Nomura are also joint bookrunners. CaixaBank, Santander and SG CIB are the co-managers.

The Rule 144A and Regulation S notes come with three years of call protection.

Proceeds will be used to refinance debt and for general corporate purposes.

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