By Paul A. Harris
Portland, Ore., Aug. 18 – Hill-Rom Holdings Inc. priced a $425 million issue of eight-year senior notes (B1/BB-) at par to yield 5¾% on Tuesday, according to an informed source.
The yield printed on top of yield talk. Official talk came at the tight end of the 5¾% to 6% whisper and tight to initial guidance in the high 5% to low 6% context, sources say.
Goldman Sachs & Co. was the left bookrunner. J.P. Morgan Securities LLC, BofA Merrill Lynch and PNC Capital Markets were the joint bookrunners.
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.
| Issuer: | Hill-Rom Holdings, Inc.
|
| Amount: | $425 million
|
| Maturity: | Sept. 1, 2023
|
| Securities: | Senior notes
|
| Left bookruner: | Goldman Sachs & Co.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, PNC Capital Markets
|
| Co-manager: | Fifth Third Bank
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 368 bps
|
| Trade date: | Aug. 18
|
| Settlement date: | Sept. 1
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
|
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