Fresenius sets price talk for $500 million and €200 million notes

By Paul A. Harris

St. Louis, Jan. 14 - Fresenius US Finance II Inc. set price talk for its two-part offering of six-year senior bullet notes (Ba1/BB) on Wednesday, according to market sources.

The German pharmaceuticals firm talked $500 million of dollar-denominated notes to yield 10½%, and to price at a discount of 5 to 10 points. Meanwhile a €200 million tranche is talked at 10¼% to 10½%, also with a discount of 5 to 10 points.

Books closed for the dollar-denominated tranche at 5 p.m. ET on Wednesday. Books for the euro-denominated tranche close at 10 a.m. GMT on Thursday. Pricing is expected to take place Thursday morning, New York time.

JPMorgan, Deutsche Bank Securities, Credit Suisse and BNP Paribas are joint bookrunners for the dollar-denominated notes.

Deutsche Bank Securities, JPMorgan, Credit Suisse and BNP Paribas are joint bookrunners for the euro-denominated notes.

Proceeds from the Rule 144A for life notes will be used to repay the bridge loan incurred in the acquisition of Schaumburg, Ill.-based intravenous drug manufacturer APP Pharmaceuticals, Inc., which closed September 2008.

The prospective issuer is a subsidiary of Fresenius SE, a Bad Homburg, Germany-based manufacturer of intravenous drugs.

© 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.