New Issue: Italy's Rottapharm prices €400 million 6 1/8% seven-year notes at par

By Paul A. Harris

Portland, Ore., Nov. 8 - Rottapharm Ltd. priced a €400 million issue of seven-year senior notes (Ba3/BB-/) at par to yield 6 1/8% on Thursday, according to a market source.

The yield printed at the tight end of yield talk that was set in the 6¼% area.

Joint bookrunner JPMorgan was the global coordinator. Banca IMI and Mediobanca were also joint bookrunners.

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

Issuer:	Rottapharm Ltd.
Amount:	€400 million
Maturity:	Nov. 15, 2019
Securities:	Senior notes
Global coordinator:	JPMorgan
Bookrunners:	JPMorgan, Banca MI, Mediobanca
Coupon:	6 1/8%
Price:	Par
Yield:	6 1/8%
Spread:	526 bps
Call features:	Make-whole call at Bunds plus 50 bps until Nov. 15, 2015, then callable at 104.594, 103.063, 101.531, par on and after Nov. 15, 2018
Equity clawback:	35% at 106.125 until Nov. 15, 2015
Change-of-control put:	101%
Trade date:	Nov. 8
Settlement date:	Nov. 15
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	6¼% area
Marketing:	Roadshow

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