Acelity sets roadshow for $1.75 billion secured notes offering to refinance second-lien notes

By Paul A. Harris

Portland, Ore., Sept. 6 – Acelity LP Inc. plans to start a roadshow on Wednesday in New York for a $1.75 billion offering of second-lien senior secured notes, according to market sources.

The roadshow moves to Boston on Thursday and wraps up in Los Angeles on Monday.

Investor conference calls are scheduled to take place on Friday.

The Rule 144A and Regulation S deal is set to price on Sept. 13.

Early guidance has the deal shaping up with a yield in the mid-9% range, a trader said.

Goldman Sachs & Co. is the left bookrunner. BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Nomura Securities, SunTrust Robinson Humphrey Inc., RBC Capital Markets and UBS Investment Bank are the joint bookrunners.

The notes come with two years of call protection.

The San Antonio-based medical device company, which is issuing the notes via its subsidiaries Kinetic Concepts, Inc. and KCI USA, Inc., plans to use the proceeds, together with proceeds from an equity contribution and cash on hand, including a draw on the revolving credit facility, to redeem all of its second-lien notes.

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