Hill-Rom’s $425 million eight-year notes whispered to yield 5¾%-6%; pricing Tuesday

By Paul A. Harris

Portland, Ore., Aug. 17 – Hill-Rom Holdings Inc. is whispering its $425 million offering of eight-year senior notes (B1/BB-) to yield 5¾% to 6%, according to a market source.

That whisper comes slightly tight to earlier guidance in the high 5% to low 6% context.

The Rule 144A for life and Regulation S deal rolled out on a late Monday morning investor call and is expected to price on Tuesday.

Goldman Sachs & Co. is the left bookrunner. J.P. Morgan Securities LLC, BofA Merrill Lynch and PNC Capital Markets are the joint bookrunners. Fifth Third Bank is the co-manager.

The notes come with three years of call protection.

The Chicago-based medical technology company plans to use the proceeds to help fund its acquisition of Skaneateles Falls, N.Y.-based medical diagnostic equipment manufacturer Welch Allyn Inc.

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