Neopharmed offers €750 million six-year secured notes in two parts

By Abigail W. Adams

Portland, Me., March 25 – Neopharmed Gentili SpA plans to price a €750 million two-tranche offering of six-year senior secured notes (expected B3/B/B+), according to a market source.

The tranche sizes will be a minimum of €300 million each with one tranche coming with a floating rate.

The floating-rate tranche will be non-callable for one year and then at par. The fixed rate notes will be non-callable for two years.

There will be a global investor call on Monday with question-and-answer sessions held through Wednesday.

BNP Paribas Securities Corp., Goldman Sachs International and Intesa Sanpaolo are joint global coordinators and bookrunners for the Regulation S and Rule 144A offering.

Banca Akros, Credit Agricole CIB, J.P. Morgan Securities LLC and Natixis Securities Americas LLC are also joint bookrunners.

Proceeds will be used to redeem existing notes and add cash to the balance sheet.

Neopharmed is a Milan-based pharmaceutical company.

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