By Aleesia Forni
New York, March 7 – Perrigo Finance Unlimited Co. priced a $1.2 billion offering of senior notes (Baa3/BBB) in five- and 10-year tranches, according to a market source.
The offering included $500 million 3.5% five-year notes priced at Treasuries plus 210 basis points.
The notes were guided in the 220 bps area over Treasuries and initially talked in the 250 bps area over Treasuries.
And a $700 million 4.375% tranche of 10-year bonds sold at 250 bps over Treasuries.
Pricing came tighter than guidance set in the 260 bps area over Treasuries and initial talk in the 285 bps area over Treasuries.
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.
| Issuer: | Perrigo Finance Unlimited Co.
|
| Guarantor: | Perrigo Co. plc
|
| Issue: | Senior notes
|
| Amount: | $1.2 billion
|
| Bookrunners: | BofA Merrill Lynch, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC
|
| Trade date: | March 7
|
| Change-of-control put: | 101%
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2021
|
| Coupon: | 3.5%
|
| Spread: | Treasuries plus 210 bps
|
| Price guidance: | Treasuries plus 220 bps area (+/- 3 bps), tightened from Treasuries plus 250 bps area
|
|
|
| 10-year notes
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| Amount: | $700 million
|
| Maturity: | March 15, 2026
|
| Coupon: | 4.375%
|
| Spread: | Treasuries plus 250 bps
|
| Price guidance: | Treasuries plus 260 bps area (+/- 3 bps), tightened from Treasuries plus 285 bps area
|
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