Italy's Rottapharm starts roadshow for €400 million seven-year notes

By Paul A. Harris

Portland, Ore., Nov. 5 - Italy's Rottapharm Ltd. began a roadshow on Monday in London for a €400 million offering of seven-year senior notes (expected ratings Ba3/BB-), according to a market source.

The roadshow continues in London on Tuesday and then moves to Frankfurt and Paris on Wednesday and to Amsterdam and Milan on Thursday.

JPMorgan is the global coordinator. Banca IMI and Mediobanca are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable in three years at par plus 75% of the coupon.

The Monza, Italy-based pharmaceutical company plans to use the proceeds to refinance debt and for general corporate purposes.

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