Neopharmed sets initial talk in €750 million two-part six-year secured notes offering

By Paul A. Harris

Portland, Ore., March 27 – Neopharmed Gentili SpA set initial price talk in its €750 million two-tranche offering of six-year senior secured notes (B3/B/B+) on Wednesday, according to a market source.

A €300 million minimum tranche of fixed-rate notes has initial talk which has the notes yielding in the low-to-mid 7% area.

A €300 million minimum tranche of floating-rate notes has initial talk which has them coming with a 450 basis points spread to Euribor at OID 99 to 99.5, with no Euribor floor.

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.

Investor presentations were scheduled to be 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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