Perrigo talks benchmark notes in two parts for Monday pricing

By Aleesia Forni

New York, March 7 – Perrigo Finance Unlimited Co. set price talk for a benchmark offering of senior notes (Baa3/BBB), which are set to price during Monday’s session, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The offering includes five-year notes talked in the 250 basis points area over Treasuries and 10-year notes talked in the 285 bps area over Treasuries.

The bonds feature a change-of-control put at 101%.

The bookrunners are BofA Merrill Lynch, HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC.

Proceeds will be used to repay borrowings under a 364-day revolving credit facility and a five-year revolver and for general corporate purposes.

The notes will be fully and unconditionally guaranteed by Perrigo Co. plc.

The health care company and maker of generic and over-the-counter pharmaceuticals is based in Allegan, Mich.

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