By Lisa Kerner
Charlotte, N.C., Dec. 11 – Dentsply International Inc. agreed to sell CHF 295.5 million and €289 million of senior notes in a private placement with institutional investors at a weighted average interest rate of 1.69%.
The notes will be issued on three closing dates, according to a news release.
The first closing occurred on Dec. 11 for the following:
• CHF 25 million of 0.86% series A notes due 2025;
• €30 million of 2.05% series B notes due 2025;
• €67 million of 2.05% series C notes due 2025;
• CHF 7.5 million of 1.02% series D notes due 2027; and
• €15 million of 2.24% series E notes due 2027.
The second closing date is expected to occur on Feb. 19 for the following:
• €11 million of 2.05% series F notes due 2026;
• €15 million of 2.05% series G notes due 2026; and
• €45 million of 2.45% series H notes due 2031.
The third closing date is expected to occur on Aug. 15, 2016 for the following:
• CHF 58 million 1.01% series I notes due 2026;
• €40 million of 2.25% series J notes due 2026;
• €66 million of 2.25% series K notes due 2026;
• CHF 140 million of 1.17% series L notes due 2028; and
• CHF 65 million of 1.33% series M notes due 2031.
The agents are Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, according to an 8-K filing with the Securities and Exchange Commission.
Interest on the Swiss franc-denominated notes is payable annually. Interest on the euro-denominated notes is payable semiannually.
Dentsply may, at its option, prepay at any time all, or from time to time any part of, notes in an amount not less than 10% of the original total amount in the case of a partial prepayment, at 100% of the principal amount so prepaid, together with interest and a make-whole amount.
Under the agreement, Dentsply is required to maintain a leverage ratio of not more than 0.6 to 1 as of the last day of any fiscal quarter and an interest coverage ratio of not less than 3 to 1 for any period of four consecutive fiscal quarters.
Dentsply is a York, Pa.-based manufacturer and distributor of dental and other consumable medical device products.
| Issuer: | Dentsply International Inc.
|
| Issue: | Senior notes
|
| Amount: | CHF 295.5 million, €289 million
|
| Call option: | Subject to make-whole amount
|
| Agents: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Distribution: | Private placement
|
|
|
| Series A notes
|
| Amount: | CHF 25 million
|
| Maturity: | Dec. 11, 2025
|
| Coupon: | 0.86%, payable annually
|
| Settlement date: | Dec. 11
|
|
|
| Series B notes
|
| Amount: | €30 million
|
| Maturity: | Dec. 11, 2025
|
| Coupon: | 2.05%, payable semiannually
|
| Settlement date: | Dec. 11
|
|
|
| Series C notes
|
| Amount: | €67 million
|
| Maturity: | Dec. 11, 2025
|
| Coupon: | 2.05%, payable semiannually
|
| Settlement date: | Dec. 11
|
|
|
| Series D notes
|
| Amount: | CHF 7.5 million
|
| Maturity: | Dec. 11, 2027
|
| Coupon: | 1.02%, payable annually
|
| Settlement date: | Dec. 11
|
|
|
| Series E notes
|
| Amount: | €15 million
|
| Maturity: | Dec. 11, 2027
|
| Coupon: | 2.24%, payable semiannually
|
| Settlement date: | Dec. 11
|
|
|
| Series F notes
|
| Amount: | €11 million
|
| Maturity: | Dec. 11, 2027
|
| Coupon: | 2.05%, payable semiannually
|
| Settlement date: | Feb. 16
|
|
|
| Series G notes
|
| Amount: | €15 million
|
| Maturity: | Feb. 19, 2026
|
| Coupon: | 2.05%, payable semiannually
|
| Settlement date: | Feb. 16
|
|
|
| Series H notes
|
| Amount: | €45 million
|
| Maturity: | Feb. 19, 2031
|
| Coupon: | 2.45%, payable semiannually
|
| Settlement date: | Feb. 16
|
|
|
| Series I notes
|
| Amount: | CHF 58 million
|
| Maturity: | Aug. 15, 2026
|
| Coupon: | 1.01%, payable annually
|
| Settlement date: | Aug. 15, 2016
|
|
|
| Series J notes
|
| Amount: | €40 million
|
| Maturity: | Aug. 15, 2026
|
| Coupon: | 2.25%, payable semiannually
|
| Settlement date: | Aug. 15, 2016
|
|
|
| Series K notes
|
| Amount: | €66 million
|
| Maturity: | Aug. 15, 2026
|
| Coupon: | 2.25%, payable semiannually
|
| Settlement date: | Aug. 15, 2016
|
|
|
| Series L notes
|
| Amount: | CHF 140 million
|
| Maturity: | Aug. 15, 2028
|
| Coupon: | 1.17%, payable annually
|
| Settlement date: | Aug. 15, 2016
|
|
|
| Series M notes
|
| Amount: | CHF 65 million
|
| Maturity: | Aug. 5, 2031
|
| Coupon: | 1.33%, payable annually
|
| Settlement date: | Aug. 15, 2016
|
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