By Cristal Cody
Tupelo, Miss., June 16 – Perrigo Finance Unlimited Co. priced $750 million of 3.15% 10-year guaranteed senior notes (Baa3/BBB-) on Tuesday at 99.17 to yield 3.248%, or a spread of Treasuries plus 250 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 312.5 bps area.
BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The notes will be guaranteed by Perrigo Co. plc.
Proceeds will be used for the redemption of the company’s 3.5% senior notes due March 15, 2021 and its 3.5% senior notes due Dec. 15, 2021 and for general corporate purposes, including additional debt repayments or redemptions.
The health care company and maker of generic and over-the-counter pharmaceuticals is based in Allegan, Mich.
| Issuer: | Perrigo Finance Unlimited Co.
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| Guarantor: | Perrigo Co. plc
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| Amount: | $750 million
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| Maturity: | June 15, 2030
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| Description: | Senior notes
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| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
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| Co-managers: | HSBC Securities (USA) Inc., Mizuho Securities USA LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Fifth Third Securities, Inc., ING Financial Markets LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
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| Coupon: | 3.15%
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| Price: | 99.17
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| Yield: | 3.248%
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| Spread: | Treasuries plus 250 bps
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| Call features: | Make-whole call before March 15, 2030 at Treasuries plus 40 bps; par thereafter
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| Trade date: | June 16
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| Settlement date: | June 19
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 312.5 bps area
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