By Aleesia Forni
New York, March 8 – Perrigo Finance Unlimited Co. detailed its $1.2 billion offering of senior notes (Baa3/BBB) that priced on Monday in an FWP filed with the Securities and Exchange Commission.
The sale included $500 million 3.5% five-year notes priced 99.908 to yield 3.52%, or 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 tranche of 4.375% 10-year bonds sold at 99.751 to yield 4.406%, or 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 are 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
|
| Co-managers: | Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Mizuho Securities USA Inc., Fifth Third Securities, Inc.
|
| Trade date: | March 7
|
| Settlement date: | March 10
|
| 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%
|
| Price: | 99.908
|
| Yield: | 3.52%
|
| Spread: | Treasuries plus 210 bps
|
| Price guidance: | Treasuries plus 220 bps area (+/- 3 bps), tightened from Treasuries plus 250 bps area
|
| Make-whole call: | Treasuries plus 35 bps prior to Feb. 15, 2021, then callable at par
|
|
|
| 10-year notes
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| Amount: | $700 million
|
| Maturity: | March 15, 2026
|
| Coupon: | 4.375%
|
| Price: | 99.751
|
| Yield: | 4.406%
|
| Spread: | Treasuries plus 250 bps
|
| Price guidance: | Treasuries plus 260 bps area (+/- 3 bps), tightened from Treasuries plus 285 bps area
|
| Make-whole call: | Treasuries plus 40 bps prior to Dec. 15, 2025, then callable at par
|
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