By Paul A. Harris
Portland, Ore., Aug. 12 – AMAG Pharmaceuticals Inc. priced an upsized $500 million issue of eight-year senior notes (B3/B+) at par to yield 7 7/8% on Wednesday, according to an informed source.
The deal size was increased from $450 million.
The yield printed in the middle of the 7¾% to 8% yield talk.
Jefferies LLC was the left bookrunner. Barclays was the joint bookrunner.
The Waltham, Mass.-based specialty pharmaceutical company plans to use the proceeds to help fund the acquisition of Cord Blood Registry, a stem cell collection and storage company serving pregnant women and their families, from GTCR for $700 million.
The $50 million of additional proceeds resulting from the upsizing of the notes offer will be used to fund cash on the balance sheet.
| Issuer: | AMAG Pharmaceuticals, Inc.
|
| Amount: | $500 million, increased from $450 million
|
| Maturity: | Sept. 1, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | Jefferies LLC
|
| Joint bookrunner: | Barclays
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Call: | Make-whole call at Treasuries plus 50 bps until Sept. 1, 2018, then callable at 105.906
|
| Equity clawback: | 35% at 107.875 until Sept. 1, 2018
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 17
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7¾% to 8%
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
