Hill-Rom launches $425 million eight-year notes offering backing acquisition of Welch Allyn

By Paul A. Harris

Portland, Ore., Aug. 17 – Hill-Rom Holdings Inc. scheduled a late Monday morning investor call to roll out a $425 million offering of eight-year senior notes, according to a market source.

Although the market awaits official word on when the deal will price, it is apt to be in the market overnight, according to a trader, who added that it’s an August Monday with a lot of people just getting back from August vacations.

Goldman Sachs & Co. is the left bookrunner for the Rule 144A for life and Regulation S offering. J.P. Morgan Securities LLC, BofA Merrill Lynch and PNC Capital Markets are the joint bookrunners. Fifth Third Bank is the co-manager.

The notes come with three years of call protection.

The Chicago-based medical technology company plans to use the proceeds to help fund its acquisition of Skaneateles Falls, N.Y.-based medical diagnostic equipment manufacturer Welch Allyn Inc.

Moody's Investors Service assigns its Ba2 corporate credit rating to Hill-Rom. The Standard & Poor’s corporate credit rating is BB+.

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