Axcan Pharma revives $235 million offering of eight-year senior notes

By Paul A. Harris

St. Louis, April 28 - Axcan Pharma has revived a $235 million offering of eight-year senior unsecured notes (expected ratings B3/B-), which it withdrew from the market in mid-February, according to an informed source.

The deal is expected to price mid-week.

Banc of America Securities LLC, HSBC and RBC Capital Markets are joint bookrunners for the notes, which are being sold via Rule 144A with registration rights.

The notes will come with four years of call protection and a change-of-control put at 101.

Proceeds will be used to repay a senior unsecured bridge facility related to the $750 million leveraged buyout of Axcan by TPG Capital.

On Feb. 13, the day that the senior notes were withdrawn, Axcan Intermediate Holdings Inc. priced a $228 million issue of 9½% senior secured notes due 2015 (Ba2/BB-) at 98.737 to yield 9½%.

Mont-Saint-Hilaire, Quebec-based Axcan Pharma is a specialty pharmaceutical company focused on gastroenterology, with operations in North America and Europe.

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