By Cristal Cody
Tupelo, Miss., Sept. 5 – Hill-Rom Holdings, Inc. sold $425 million of eight-year guaranteed senior notes on Thursday at par to yield 4 3/8%, according to a market source.
The notes (Ba3/BB) were initially talked to price in the 4½% to 4¾% area.
J.P. Morgan Securities, LLC was the bookrunner of the Rule 144A and Regulation S offering.
The notes will be guaranteed by certain existing and future wholly owned domestic restricted subsidiaries.
The issue is callable after three years.
Proceeds will be used to redeem all of the company’s outstanding 5¾% senior notes due 2023.
Hill-Rom Holdings is a Chicago-based medical device supplier.
| Issuer: | Hill-Rom Holdings, Inc.
|
| Guarantors: | Certain existing and future wholly owned domestic restricted subsidiaries
|
| Amount: | $425 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 15, 2027
|
| Bookrunner: | J.P. Morgan Securities, LLC
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Call features: | Non-callable three years
|
| Trade date: | Sept. 5
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4½% to 4¾% area
|
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