Published on 5/23/2013 in the Prospect News High Yield Daily.
New Issue: Elan prices upsized $850 million eight-year notes at par to yield 6¼%
By Paul A. Harris
Portland, Ore., May 23 - Elan Finance plc and Elan Finance Corp. priced an upsized $850 million issue of eight-year senior notes (Ba3/B+/) at par to yield 6¼% on Thursday, according to an informed source.
The yield printed on top of yield talk.
Morgan Stanley & Co. ran the books.
The Dublin, Ireland-based neuroscience-based biotechnology company plans to use the proceeds for general corporate purposes, acquisitions, share purchases and capital expenditures.
Issuer: | Elan Finance plc and Elan Finance Corp.
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Amount: | $850 million, increased from $800 million
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Maturity: | June 15, 2021
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Securities: | Senior notes
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Bookrunner: | Morgan Stanley & Co.
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Co-manager: | J&E Davy Securities
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Coupon: | 6¼%
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Price: | Par
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Yield: | 6¼%
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Spread: | 465 bps
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Call features: | Make-whole call at Treasuries plus 50 bps until June 15 2016, then callable at 104.688, 103.125, 101.563, par on and after June 15, 2019
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Equity clawback: | 35% at 106.25 until June 15, 2016
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Change-of-control put: | 101%
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Trade date: | May 23
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Settlement date: | May 31
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Ratings: | Moody's: Ba3
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| Standard & Poor's: B+
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Distribution: | Rule 144A with registration rights and Regulation S
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Price talk: | 6¼% area
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Marketing: | Roadshow
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