P&L Development talks $415 million five-year notes at 7¾% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., Oct. 28 – P&L Development, LLC and PLC Finance Corp. talked their $415 million offering of five-year senior secured notes (B3/B-/B) to yield in the 7¾% area, according to a syndicate source.

Books close at noon ET on Wednesday, and the deal is set to price thereafter.

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, about $50 million of PLDA debt if the Avema Pharma Solutions combination is consummated and approximately $36 million under its ABL facility.

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