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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.
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