P&L Development to sell $415 million five-year notes on Wednesday

By Paul A. Harris

Portland, Ore., Oct. 26 – P&L Development, LLC and PLC Finance Corp. plan to price $415 million of five-year senior secured notes (expected ratings B3/B-/B) on Wednesday, according to a syndicate source.

An investor conference call was scheduled to take place on Monday morning.

BofA Securities Inc. and Jefferies LLC are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.

The Westbury, N.Y.-based supplier of over-the-counter drugs plans to use the proceeds to prepay approximately $308 million under its term loan, approximately $50 million of PLDA debt if the Avema Pharma Solutions combination is consummated, and approximately $36 million under its ABL facility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.