By Paul A. Harris
Portland, Ore., March 25 – Advanz Pharma Corp. Ltd. priced $1.02 billion equivalent of seven-year senior secured notes due 2028 (B3/B-/B+) in tranches of euro-denominated and sterling-denominated notes on Thursday, according to a market source.
The deal featured €475 million of notes that priced at par to yield 5% and £335 million of notes that priced at par to yield 6¼%.
Barclays, Goldman Sachs, IMI, JPMorgan, Jefferies, Morgan Stanley and RBC are the joint bookrunners. Barclays will bill and deliver for the sterling-denominated notes. Goldman Sachs will bill and deliver for the euro-denominated notes.
The notes were sold via Cidron Aida Finco Sarl.
Proceeds plus a $360 million equivalent term loan will be used to support the takeover of Advanz Pharma by Nordic Capital, including repayment of certain Advanz Pharma debt.
Advanz Pharma is a London-based pharmaceutical company formerly known as Concordia Healthcare.
| Issuer: | Cidron Aida Finco Sarl
|
| Amount: | $1.02 billion equivalent
|
| Maturity: | April 1, 2028
|
| Securities: | Senior secured notes
|
| Trade date: | March 25
|
| Settlement date: | April 1
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Fitch: B+
|
|
|
| Euro notes
|
| Amount: | €475 million ($560 million equivalent)
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 561 bps
|
| Call protection: | Three years
|
| Bill and deliver: | Goldman Sachs
|
|
|
| Sterling notes
|
| Amount: | £335 million ($460 million equivalent)
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 572 bps
|
| Call protection: | Three years
|
|
|
| Bill and deliver: | Barclays
|
|
|
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