Galapagos to start roadshow Tuesday for €775 million notes offering backing Heat Exchangers spinoff

By Paul A. Harris

Portland, Ore., May 19 - A roadshow starts on Tuesday for Galapagos Holdings SA's €775 million three-part offering of high-yield notes, according to a market source.

The Rule 144A and Regulation S deal will help to finance Dusseldorf, Germany-based GEA Group AG's spinoff of its heat exchangers business to Triton Advisers Ltd.

The offering comes structured as a €525 million two-part offering of seven-year senior secured notes, including floating-rate notes with one year of call protection and fixed-rate notes with three years of call protection. Tranche sizes remain to be determined.

The financing also includes a €250 million offering of eight-year senior unsecured fixed-rate notes, which come with three years of call protection.

The deal will be marketed during roadshows in Frankfurt and Paris on Tuesday and in London on Wednesday and Thursday.

Joint bookrunner Deutsche Bank will bill and deliver. Commerzbank, ING, RBC Capital Markets, Royal Bank of Scotland and UniCredit Bank are also joint bookrunners.

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