Published on 11/24/2014 in the Prospect News Investment Grade Daily.
New Issue: Perrigo prices $1.6 billion of notes in tranches due 2021, 2024, 2044
By Aleesia Forni
Virginia Beach, Nov. 24 – Perrigo Finance plc sold $1.6 billion of senior notes (Baa3/BBB/) in three tranches, according to a market source and a FWP filing with the Securities and Exchange Commission.
A $500 million tranche of 3.5% seven-year notes sold at 99.937 to yield 3.51%, or Treasuries plus 150 basis points.
There was also $700 million of 3.9% notes due 2024 sold at 99.579 to yield 3.951%, or Treasuries plus 165 bps.
Finally, $400 million of 4.9% notes due 2044 sold with a spread of 190 bps over Treasuries.
Pricing was at 99.701 to yield 4.919%.
The bookrunners were J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, HSBC Securities (USA) Inc. and Wells Fargo Securities LLC.
Proceeds will be used 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 plc
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| Guarantor: | Perrigo Co. plc
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| Issue: | Senior notes
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| Amount: | $1.6 billion
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| Bookrunners: | J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, HSBC Securities (USA) Inc., Wells Fargo Securities LLC
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| Co-managers: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., RBS Securities Inc., Fifth Third Securities, Inc., U.S. Bancorp Investments, Inc., PNC Capital Markets LLC, Santander Investment Securities Inc., SMBC Nikko Securities, Inc.
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| Trade date: | Nov. 24
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| Settlement date: | Dec. 2
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| Change-of-control: | 101%
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| Ratings: | Moody’s: Baa3
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| Standard & Poor’s: BBB
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| Distribution: | SEC-registered
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| Seven-year notes
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| Amount: | $500 million
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| Maturity: | Dec. 15, 2021
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| Coupon: | 3.5%
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| Price: | 99.937
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| Yield: | 3.51%
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| Spread: | Treasuries plus 150 bps
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| Make-whole call: | Treasuries plus 25 bps prior to Oct. 15, 2021, then callable at par
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| 10-year notes
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| Amount: | $700 million
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| Maturity: | Dec. 15, 2024
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| Coupon: | 3.9%
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| Price: | 99.579
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| Yield: | 3.951%
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| Spread: | Treasuries plus 165 bps
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| Make-whole call: | Treasuries plus 25 bps prior to Sept. 15, 2024, then callable at par
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| 30-year bonds
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| Amount: | $400 million
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| Maturity: | Dec. 15, 2044
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| Coupon: | 4.9%
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| Price: | 99.701
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| Yield: | 4.919%
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| Spread: | Treasuries plus 190 bps
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| Make-whole call: | Treasuries plus 30 bps prior to June 15, 2044, then callable at par
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