By Wendy Van Sickle
Columbus, Ohio, Sept. 9 – Procaps Group launched a private offering of $115 million of 10-year senior notes to be issued by subsidiary Procaps, SA, according to a news release on Thursday.
The private placement is led by Prudential Private Capital and will be made to entities including one or more investment funds or managed accounts of PGIM Inc. and Cigna Investment Inc.
Proceeds will be used to repay debt and for general corporate purposes.
Amortization will start on the sixth anniversary of closing, and the interest will be at a rate of either 4¾% or 5½% in the event that the previously announced proposed business combination between Procaps Group and Union Acquisition Corp. does not close.
The placement is expected to close in October.
Barranquilla, Colombia-based Procaps Group is a developer of pharmaceutical and nutraceutical solutions, medicines and hospital supplies.
| Issuer: | Procaps, SA
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| Issue: | Senior notes
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| Amount: | $115 million
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| Tenor: | 10 years with amortization after six years
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| Coupon: | 4¾%, or 5½% if previously announced business combination between Procaps Group and Union Acquisition Corp. does not close
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| Announcement date: | Sept. 9
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| Expected closing: | October
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| Distribution: | Private placement
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