Rottapharm talks €400 million seven-year notes with 6¼% area yield

By Paul A. Harris

Portland, Ore., Nov. 7 - Italy's Rottapharm Ltd. talked its €400 million offering of seven-year senior notes (Ba3/BB-) with a yield in the 6¼% area on Wednesday, according to a market source.

The books close at 8:30 a.m. ET on Thursday, and the notes are set to price thereafter.

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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