By Paul A. Harris
Portland, Ore., April 21 – MidCap Financial, LLC priced an upsized $875 million issue of seven-year senior notes (Ba3/B+/BB) at par to yield 6½% on Wednesday, according to market sources.
The issue size increased from $825 million.
The yield printed at the tight end of the 6½% to 6¾% yield talk. Initial guidance was in the high 6% area.
The deal was heard to be playing to $2.4 billion of orders, including $600 million of reverse inquiry, a trader said.
J.P. Morgan Securities LLC is the lead.
The notes come with three years of call protection.
The Bethesda, Md.-based middle market specialty finance services provider plans to use the proceeds to repay debt.
| Issuer: | MidCap Financial, LLC
|
| Amount: | $875 million, increased from $825 million
|
| Tenor: | Seven years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Call protection: | Three years
|
| Trade date: | April 21
|
| Ratings: | Moody's: Ba3
|
| S&P: B+
|
| Fitch: BB
|
| Price talk: | 6½% to 6¾%
|
| Marketing: | Roadshow
|
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