Published on 5/21/2020 in the Prospect News High Yield Daily.
New Issue: Teleflex prices $500 million eight-year notes at par to yield 4¼%
By Paul A. Harris
Portland, Ore., May 21 – Teleflex Inc. priced a $500 million issue of eight-year senior notes (Ba3/BB) at par to yield 4¼% in a Thursday drive-by, according to market sources.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Wells Fargo Securities LLC and PNC Capital Markets LLC.
The yield printed 12.5 basis points through yield talk in the 4½% area. Initial guidance was in the high 4% area.
The Wayne, Pa.-based provider of medical technologies plans to use the proceeds to pay down its revolving credit facility.
| Issuer: | Teleflex Inc.
|
| Amount: | $500 million
|
| Maturity: | June 1, 2028
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Wells Fargo Securities LLC and PNC Capital Markets LLC
|
| Senior co-managers: | Citizens Capital Markets Inc., DNB Markets, MUFG and SMBC Nikko Securities America Inc.
|
| Co-managers: | Capital One Securities Inc., Citigroup Global Markets Inc., Fifth Third Securities Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Spread: | 366 bps
|
| Call protection: | Three years
|
| Trade date: | May 21
|
| Settlement date: | May 27
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% area
|
| Marketing: | Drive-by
|
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