Published on 9/29/2009 in the Prospect News High Yield Daily.
New Issue: Elan Finance sells upsized $625 million 8¾% seven-year notes at 98.71 to yield 9%
By Paul A. Harris
St. Louis, Sept. 29 - Elan Finance plc/Elan Finance Corp. priced an upsized $625 million issue of 8¾% seven-year senior notes (B2/B/) at 98.71 to yield 9% on Tuesday, according to an informed source.
The yield printed tight to the 9% to 9¼% price talk.
Morgan Stanley and Citigroup were joint bookrunners for the quick-to-market deal, which was upsized from $600 million.
Proceeds will be used for refinancing certain existing debt of Elan and its subsidiaries and for general corporate purposes.
The issue is a Dublin-based neuroscience-based biotechnology company.
Issuers: | Elan Finance plc/Elan Finance Corp.
|
Face amount: | $625 million, upsized from $600 million
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Proceeds: | $616.938 million (approximate)
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Maturity: | Oct. 15, 2016
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Security description: | Senior notes
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Bookrunners: | Morgan Stanley, Citigroup
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Co-manager: | Davy Securities
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Coupon: | 8¾%
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Price: | 98.71
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Yield: | 9%
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Spread: | 606 bps
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Call features: | Make-whole at Treasuries plus 50 bps until Oct. 15, 2012, then callable at 108.75, 104.375, 102.188%, par on and after Oct. 15, 2015
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Trade date: | Sept. 29
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Settlement date: | Oct. 2
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Distribution: | Rule 144A/Regulation S with registration rights
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Price talk: | 9% to 9¼%
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