Published on 9/25/2012 in the Prospect News High Yield Daily.
New Issue: Elan prices upsized $600 million seven-year notes at par to yield 6¼%
By Paul A. Harris
Portland, Ore., Sept. 25 - Elan Finance Public Ltd. and Elan Finance Corp. priced an upsized $600 million issue of seven-year senior notes (B1/BB-/) at par to yield 6¼% on Tuesday, according to a syndicate source.
The yield printed on top of yield talk.
Morgan Stanley & Co. LLC was the bookrunner for the quick-to-market issue, which was upsized from $500 million.
The Dublin-based biotechnology company plans to use the proceeds to fund tender offers for its notes maturing in 2016.
Issuers: | Elan Finance Public Ltd. and Elan Finance Corp.
|
Amount: | $600 million, increased from $500 million
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Maturity: | Oct. 15, 2019
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Securities: | Senior notes
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Bookrunner: | Morgan Stanley & Co. LLC
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Co-managers: | J & E Davy, Gleacher & Co. Securities, Inc.
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Coupon: | 6¼%
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Price: | Par
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Yield: | 6¼%
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Spread: | 517 bps
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Call features: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2015, then callable at 104.688, 103.125, 101.563, par on and after Oct. 15, 2018
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Equity clawback: | 35% at 106.25 until Oct. 15, 2015
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Change-of-control put: | 101%
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Trade date: | Sept. 25
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Settlement date: | Oct. 1
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Ratings: | Moody's: B1
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| Standard & Poor's: BB-
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 6¼% area
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Marketing: | Quick to market
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