P&L Development to price $50 million tap of 7¾% notes due 2025 in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Aug. 10 – P&L Development, LLC and PLD Finance Corp. plan to price a $50 million add-on to their 7¾% senior secured notes due Nov. 15, 2025 (existing ratings B3/B-/B) in a Tuesday drive-by following a conference call with investors, according to market sources.

BofA Securities Inc. is the bookrunner for the Rule 144A and Regulation S deal.

The notes become callable on Nov. 15, 2022 at 103.625.

The Westbury, N.Y.-based supplier of over-the-counter drugs plans to use the proceeds to repay approximately $40 million under its ABL facility and for general corporate purposes.

The original $415 million issue priced in October 2020.

The add-on notes will immediately become fungible with the original notes.

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