By Paul A. Harris
St. Louis, April 16 - Alpharma Inc. priced its upsizing offering of $220 million of senior notes due May 1, 2011 priced Wednesday at par to yield 8 5/8%, according to a syndicate source.
Price talk tightened to 8 5/8% on Wednesday from the 8¾%-9% released Tuesday, according to a market source.
The deal was increased from $200 million on Tuesday.
Banc of America Securities was the bookrunner. CIBC World Markets was the co-manager.
Proceeds from the Rule 144A offering will be used to repay debt incurred in the acquisition of FH Faulding & Co. Ltd.
The issuer is a Fort Lee, N.J.-based specialty pharmaceutical company.
| Issuer: | Alpharma Inc.
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| Amount: | $220 million (increased from $200 million)
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| Maturity: | May 1, 2011
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| Security description: | Senior notes
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| Bookrunner: | Banc of America Securities
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| Co-manager: | CIBC World Markets
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| Coupon: | 8 5/8%
|
| Price: | Par
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| Yield: | 8 5/8%
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| Spread: | 495 basis points over 5% Treasury due Feb. 15, 2011
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| Call features: | Callable on May 1, 2007 at 104.313, then 102.156, declining ratably to par on May 1, 2009 and thereafter
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| Price talk: | 8 5/8%, revised from 8¾%-9%
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| Ratings: | Moody's: B3
|
| S&P: B+
|
| Rule 144A Cusip: | 020813AF8
|
| Settlement date: | April 24, 2003 (T+5)
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