By Abigail W. Adams
Portland, Me., March 28 – Neopharmed Gentili SpA priced a €750 million two-tranche offering of six-year senior secured notes (B3/B/B+) on Thursday, according to a market source.
The offering consisted of a €400 million tranche of floating-rate notes that priced with a coupon of Euribor plus 425 basis points at 99.5.
Price talk was for a coupon of Euribor plus 450 bps and an OID of 99 to 99.5.
The offering also included a €350 million tranche of fixed-rate notes that priced at par with a coupon of 7 1/8%.
Price talk was for a yield in the low-to-mid 7% area.
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.
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.
| Issuer: | Neopharmed Gentili SpA
|
| Amount: | €750 million
|
| Global coordinators/bookrunners: | BNP Paribas Securities Corp., Goldman Sachs International and Intesa Sanpaolo
|
| Joint bookrunners: | Banca Akros, Credit Agricole CIB, J.P. Morgan Securities LLC and Natixis Securities Americas LLC
|
| Trade date: | March 28
|
| Settlement date: | April 8
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Regulation S and Rule 144A
|
| Marketing: | Roadshow
|
|
|
| Floating-rate notes
|
| Amount: | €400 million
|
| Issue: | Floating-rate senior secured notes
|
| Maturity: | April 8, 2030
|
| Coupon: | Euribor plus 425 bps
|
| Price: | 99.5
|
| First call: | April 8, 2025
|
| Price talk: | Euribor plus 450 bps and OID of 99 to 99.5
|
|
|
| Fixed-rate notes
|
| Amount: | €350 million
|
| Issue: | Fixed-rate senior secured notes
|
| Maturity: | April 8, 2030
|
| Coupon: | 7 1/8%
|
| Price: | Par
|
| Yield: | 7 1/8%
|
| First call: | April 8, 2026
|
| Price talk: | Low-to-mid 7% area
|
|
|
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