Axcan Pharma sets price talk for $235 million eight-year notes at 13% area

By Paul A. Harris

St. Louis, April 29 - Axcan Pharma set price talk on its revived $235 million offering of eight-year senior unsecured notes (expected ratings B3/B-) at the 13% area on Tuesday, according to an informed source.

Books close at 3 p.m. ET on Wednesday, with pricing expected shortly thereafter.

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 company withdrew the offering of senior notes. However, on that day, 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.