Debt financing for Halyard Health spinoff to include $250 million notes via Morgan Stanley

By Paul A. Harris

Portland, Ore., Sept. 16 – Halyard Health, Inc. plans to sell $250 million of senior notes via left bookrunner Morgan Stanley & Co. LLC, according to an informed source.

Timing has not yet been announced, the source said.

The deal, announced in a Tuesday press release, is part of the financing for Kimberly-Clark Corp.’s spinoff of its Halyard Health subsidiary, which is set to close at the end of October.

Debt financing for the spinoff also includes $640 million of bank debt, including a $390 million term loan via Morgan Stanley, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets, set to launch at a Thursday lenders’ meeting.

Alpharetta, Ga.-based Halyard Health is a health care company focused on preventing infection, eliminating pain and speeding recovery.

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