New Issue: Inverness Medical sells $100 million tap of 7 7/8% notes due 2016 at 96.5 to yield 8.599%

By Paul A. Harris

St. Louis, Sept. 23 - Inverness Medical Innovations, Inc. priced a $100 million add-on to its 7 7/8% senior notes due Feb. 1, 2016 (B2/B-/) at 96.50 to yield 8.599% on Wednesday, according to an informed source.

The yield came tight to the 8 5/8% area price talk.

Jefferies & Co., Goldman Sachs & Co. and Wells Fargo Securities were joint bookrunners.

Proceeds will be used to fund the acquisition of Free & Clear Inc.

The issuer is a Waltham, Mass.-based provider of consumer and professional medical diagnostic products and services.

The original $150 million issue priced Aug. 6, 2009 at 98.144 to yield 8¼%.

Issuer:	Inverness Medical Innovations, Inc.
Face amount:	$100 million
Proceeds:	$96.5 million
Maturity:	Feb. 1, 2016
Security description:	Add-on to the 7 7/8% senior notes
Bookrunners:	Jefferies & Co., Goldman, Sachs & Co., Wells Fargo Securities
Coupon:	7 7/8%
Price:	96.50
Yield:	8.599%
Spread:	576 bps
Call features:	Make-whole at Treasuries plus 50 bps until Feb. 1, 2013, then at 103.938, 101.969, par on and after Feb. 1, 2015
Equity clawback:	35% at 107.875 until to Aug. 1, 2012
Change-of-control put:	101%
Trade date:	Sept. 23
Settlement date:	Sept. 28
Ratings:	Moody's: B2
	Standard & Poor's: B-
Distribution:	Rule 144A/Regulation S with registration rights
Price talk:	8 5/8% area

© 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.