New Issue: Teleflex prices $400 million 10-year notes at par to yield 4 7/8%

By Paul A. Harris

Portland, Ore., May 11 – Teleflex Inc. priced a $400 million issue of 10-year senior notes (Ba3/BB) at par to yield 4 7/8% on Wednesday, according to a market source.

The yield printed in the middle of the 4¾% to 5% yield talk. Early guidance was in the 5% area.

J.P. Morgan Securities LLC and BofA Merrill Lynch were the joint bookrunners.

The Limerick, Pa.-based provider of medical products and services plans to use the proceeds to repay approximately $393 million of debt under its revolving credit facility.

Issuer:	Teleflex Inc.
Amount:	$400 million
Maturity:	June 1, 2026
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch
Co-managers:	Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., HSBC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	315 bps
First call:	June 1, 2021 at 102.438
Trade date:	May 11
Settlement date:	May 16
Ratings:	Moody's: Ba3
	S&P: BB
Distribution:	SEC registered
Price talk:	4¾% to 5%
Marketing:	Quick to market

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