New Issue: PerkinElmer 10-year notes upsized to $300 million, yield 9%

By Paul A. Harris

St. Louis, Dec. 13 - PerkinElmer Corp. upsized to $300 million from $225 million its offering of 8 7/8% senior subordinated notes due Jan. 15, 2013 (Ba3/BB-) and priced them Friday at 99.173 to yield 9%, according to a market source.

Price talk was for a yield of 9%-9¼%.

Merrill Lynch & Co. was the bookrunner. Co-managers were Banc of America Securities and SG Cowen.

Proceeds from the Rule 144A deal will be used to help redeem the company's convertibles and repay its existing revolver.

The issuer is a Boston-based technology firm.

Issuer:	PerkinElmer, Inc.
Amount:	$300 million (increased from $225 million)
Maturity:	Jan. 15, 2013
Security description:	Senior subordinated notes
Bookrunner:	Merrill Lynch
Co-managers:	Banc of America Securities, SG Cowen
Coupon:	8 7/8%
Price:	99.173
Yield:	9%
Spread:	492 basis points
Call features:	Callable on Jan. 15, 2008 at 104.438, 102.958, 101.479, par on Jan. 15, 2011 and thereafter
Equity clawback:	Until Jan. 15, 2006 for 35% at 108.875
Settlement date:	Dec. 26, 2002 (T+8)
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
Rule 144A Cusip:	714046AB5

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.