By Aleesia Forni
Virginia Beach, June 10 – Actavis plc’s indirect subsidiary, Actavis Funding SCS, priced $3.7 billion of senior notes (Baa3/BBB-/BBB-) in three-, five-, 10- and 30-year tranches, according to a company press release.
The sale included $500 million of 1.3% notes due 2017 priced at 99.74 to yield 1.389%, or Treasuries plus 50 basis points.
The joint bookrunners for the three-year tranche were BofA Merrill Lynch, Sumitomo, Mizuho Securities and Wells Fargo Securities LLC.
A $500 million tranche of 2.45% senior notes due 2019 sold with a spread of Treasuries plus 80 bps. Pricing was at 99.716 to yield 2.511%.
Bookrunners for the five-year tranche are BofA Merrill Lynch, Mizuho Securities, Wells Fargo Securities LLC and RBS Securities Inc.
There was also $1.2 billion of 3.85% senior notes due 2024 priced at Treasuries plus 125 bps, or 99.623 to yield 3.896%.
BofA Merrill Lynch, Mizuho Securities, HSBC Securities and Wells Fargo Securities LLC were bookrunners.
Finally, a $1.5 billion tranche of 4.85% senior notes due 2044 sold at 98.894 to yield 4.921%, or Treasuries plus 145 bps.
The joint bookrunners were BofA Merrill Lynch, Mizuho Securities, Mitsubishi and Wells Fargo Securities LLC.
All tranches sold tighter than price guidance.
The notes were sold via Rule 144A and Regulation S.
Proceeds will be used to fund the acquisition of Forest Laboratories, Inc., to refinance Warner Chilcott’s 7.75% senior notes due 2018 and to pay related fees and expenses and for general corporate purposes.
Actavis is a pharmaceutical company with headquarters in Dublin.
| Issuer: | Actavis Funding SCS
|
| Guarantor: | Actavis plc
|
| Issue: | Senior notes
|
| Amount: | $3.7 billion
|
| Trade date: | June 10
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | June 15, 2017
|
| Bookrunners: | BofA Merrill Lynch, Sumitomo, Mizuho Securities, Wells Fargo Securities LLC
|
| Coupon: | 1.3%
|
| Price: | 99.74
|
| Yield: | 1.389%
|
| Spread: | Treasuries plus 50 bps
|
| Price guidance: | Treasuries plus 80 bps area
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | June 15, 2019
|
| Bookrunners: | BofA Merrill Lynch, Mizuho Securities, Wells Fargo Securities LLC, RBS Securities Inc.
|
| Coupon: | 2.45%
|
| Price: | 99.716
|
| Yield: | 2.511%
|
| Spread: | Treasuries plus 80 bps
|
| Price talk: | Treasuries plus 105 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.2 billion
|
| Maturity: | June 15, 2024
|
| Bookrunners: | BofA Merrill Lynch, Mizuho Securities, HSBC Securities, Wells Fargo Securities LLC
|
| Coupon: | 3.85%
|
| Price: | 99.623
|
| Yield: | 3.896%
|
| Spread: | Treasuries plus 125 bps
|
| Price talk: | Treasuries plus 145 bps area
|
|
|
| 30-year bonds
|
| Amount: | $1.5 billion
|
| Maturity: | June 15, 2044
|
| Bookrunners: | BofA Merrill Lynch, Mizuho Securities, Mitsubishi, Wells Fargo Securities LLC
|
| Coupon: | 4.85%
|
| Price: | 98.894
|
| Yield: | 4.921%
|
| Spread: | Treasuries plus 145 bps
|
| Price talk: | Treasuries plus 165 bps area
|
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