VWR talks $675 million eight-year senior toggle notes at 9¾%-10%

By Paul A. Harris

St. Louis, June 25 - Varietal Distribution Merger Sub Inc. (VWR International Inc.) set price talk for its $675 million offering of eight-year senior payment-in-kind toggle notes (Caa1/CCC+) at 9¾% to 10% on Monday, according to market sources.

Books close at noon ET on Tuesday, with the notes expected to price thereafter.

Goldman Sachs & Co., Banc of America Securities LLC, JP Morgan and Deutsche Bank Securities are joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes will come with four years of call protection.

Proceeds will be used to redeem existing debt and finance the acquisition of CDRV Investors, Inc., the parent of VWR, by Madison Dearborn Partners.

Upon completion of the acquisition Varietal Merger Sub will be merged with and into CDRV Investors, and CDRV Investors will assume the obligations under the notes.

VWR is a West Chester, Pa., provider of laboratory equipment to the pharmaceutical, biotechnology, chemical and other industries.

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