By Paul A. Harris
Portland, Ore., Oct. 10 - PPDI, issuing through Jaguar Holding Co. I, priced an upsized $525 million issue of five-year senior PIK toggle notes (Caa1/CCC+/) on Wednesday, according to a market source.
The notes will pay a 9 3/8% cash coupon and a 10 1/8% PIK coupon.
The reoffer price was 98.064, resulting in a 9 7/8% cash yield and a 10.4% PIK yield.
The cash coupon printed at the tight end of the 9 3/8% to 9½% cash coupon talk. The reoffer price came in line with price talk of 98. The cash yield printed in the middle of the 9¾% to 10% cash yield talk.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, UBS Investment Bank, Deutsche Bank Securities Inc. and Goldman Sachs & Co. were the joint bookrunners for the quick-to-market deal, which was upsized from $500 million.
The Wilmington, N.C.-based pharmaceutical and biotech company will use the proceeds, along with cash on hand, to fund a dividend to its shareholders.
| Issuer: | Jaguar Holding Co. I (PPDI)
|
| Face amount: | $525 million, upsized from $500 million
|
| Proceeds: | $514.84 million
|
| Maturity: | Oct. 15, 2017
|
| Securities: | Senior PIK toggle notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, UBS Investment Bank, Deutsche Bank Securities Inc., Goldman Sachs & Co.
|
| Cash coupon: | 9 3/8%
|
| PIK coupon: | 10 1/8%
|
| Price: | 98.064
|
| Cash yield: | 9 7/8%
|
| PIK yield: | 10.4%
|
| Spread: | 922 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2014, then callable at 102, 101, par on and after Oct. 15, 2016
|
| Equity clawback: | 40% at 109.375 until Oct. 15, 2014
|
| Trade date: | Oct. 10
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Cash coupon talk: | 9 3/8% to 9½%
|
| Price talk: | 98
|
| Cash yield talk: | 9¾% to 10%
|
| Marketing: | Quick to market
|
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