By Ronda Fears
Memphis, Sept. 21 - Warner Chilcott Ltd. raised $1.06 billion from its initial public offering of 70.6 million shares at $15 each, below price talk of $17 to $19, via bookrunner Goldman Sachs & Co.
Rockaway, N.J., company focused on products in women's health care, dermatology, contraceptives and hormone therapies, plans to use proceeds to repay debt and for general corporate purposes. Net proceeds are estimated at $1 billion, about $193.1 million less than originally estimated.
As a result of lower proceeds, the company said it would reduce the amount of paydown on its senior secured credit facility - $1.62 billion as of June 30, which would otherwise mature in January 2012 - to $405 million from a previously planned paydown of $470 million.
Also, the company said it would lower the amount of buybacks of preferred stock from Warner Chilcott Holdings Co. II, Ltd. to $327.4 million from $462.8 million. Those preferred shares not redeemed will automatically convert into common stock.
| Issuer: | Warner Chilcott Ltd.
|
| Issue: | Initial public offering
|
| Gross proceeds: | $1.06 billion
|
| Net proceeds: | $1 billion
|
| Shares: | 70.6 million
|
| Greenshoe: | 7.06 million shares
|
| Price: | $15 per share
|
| Price talk: | $17 to $19 per share
|
| Bookrunner: | Goldman Sachs & Co.
|
| Joint lead managers: | Credit Suisse, JPMorgan and Morgan Stanley
|
| Co-managers: | Deutsche Bank Securities, Bear Stearns, Merrill Lynch, Wachovia Securities and UBS Investment Bank
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 25
|
| Stock symbol: | Nasdaq: WCRX
|
© 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.
