Perrigo begins one-month tender for $1.4 billion of seven note series

By Susanna Moon

Chicago, May 31 – Perrigo Co. plc and wholly owned subsidiary Perrigo Finance Unlimited Co. are tendering for up to $1.4 billion principal amount of seven series of notes until 11:59 p.m. ET on June 27.

Pricing for the notes will be set using a reference security plus a fixed spread as follows, with the notes listed in order of priority acceptance level, according to a company announcement:

• Perrigo’s $800 million 4% notes due 2023 with pricing to be set using the 1.75% Treasury note due May 31, 2022 plus 100 basis points;

• Perrigo’s $400 million 5.3% notes due 2043 with pricing to be set using the 3% Treasury note due Feb. 15, 2047 plus 170 bps;

• Perrigo Finance’s $500 million 3.5% notes due March 2021 with pricing to be set using the 1.75% Treasury note due May 31, 2022 plus 50 bps and its $500 million 3.5% notes due December 2021 with pricing to be set using the 1.75% Treasury note due May 31, 2022 plus 60 bps – with a sub-cap of $300 million principal amount for the two series of priority 3 notes;

• Perrigo Finance’s $400 million 4.9% notes due 2044 with pricing to be set using the 3% Treasury note due Feb. 15, 2047 plus 175 bps and a sub-cap of $150 million;

• Perrigo Finance’s $700 million 4.375% notes due 2026 with pricing to be set using the 2.375% Treasury note due May 15, 2027 plus 140 bps; and

• Perrigo Finance’s $700 million 3.9% notes due 2024 with pricing to be set using the 2.375% Treasury note due May 15, 2027 plus 115 bps.

The total purchase price will include an early tender premium of $30 per $1,000 principal amount of notes tendered by 5 p.m. ET on June 13, the early tender deadline.

Holders will also receive accrued interest to but excluding the settlement date of June 15 for early tendered notes and on June 28 for remaining tenders.

The issuers said they reserve the right to increase the offer cap.

Notes tendered before the early deadline will be given priority over those tendered afterward regardless of priority levels.

Barclays (800 438-3242 or 212 528-7581), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) are the lead dealer managers. Wells Fargo Securities, LLC (212 269-5550, 800 967-5071 or prgo@dfking.com) is the co-dealer manager.

D.F. King & Co., Inc. (212 269-5550, 800 967-5071 or prgo@dfking.com) is tender agent and information agent.

The health care company and maker of generic and over-the-counter pharmaceuticals is based in Allegan, Mich.

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