Hill-Rom talks $300 million eight-year notes to yield in 5¼% area; pricing Thursday

By Paul A. Harris

Portland, Ore., Feb. 9 – Hill-Rom Holdings, Inc. plans to price a $300 million offering of eight-year senior notes (expected ratings B1/BB) on Thursday, according to a market source.

Initial guidance has the deal coming with a yield in the 5¼% area.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Citizens, Goldman Sachs & Co., MUFG and PNC Capital Markets are the joint bookrunners for the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

The Chicago-based medical technology company plans to use the proceeds, together with available cash balances, to finance its previously announced acquisition of Mortara Instrument, Inc.

The notes will be subject to a special mandatory redemption if the Mortara acquisition is not consummated.

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