By Paul A. Harris
Portland, Ore., Oct. 28 – P&L Development, LLC and PLC Finance Corp. priced a $415 million issue of five-year senior secured notes (B3/B-/B) at par to yield 7¾% on Wednesday, according to a syndicate source.
The yield printed in the middle of yield talk in the 7¾% area.
The issue was buoyed by considerable reverse inquiry, with $775 million of orders heard to be in the books on Wednesday morning, a trader said.
BofA Securities Inc. was the left bookrunner. Jefferies LLC was also a bookrunner.
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.
| Issuers: | P&L Development, LLC and PLC Finance Corp.
|
| Amount: | $415 million
|
| Maturity: | Nov. 15, 2025
|
| Securities: | Senior secured notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunner: | Jefferies LLC
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 741 bps
|
| Call protection: | Two years
|
| Trade date: | Oct. 28
|
| Settlement date: | Nov. 3
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7¾% area
|
| Marketing: | Roadshow
|
|
|
© 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.
