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Hill-Rom markets $425 million of eight-year notes at 4¾% area
By Cristal Cody
Tupelo, Miss., Sept. 5 – Hill-Rom Holdings, Inc. is on deck in the junk bond market on Thursday with a $425 million offering of eight-year guaranteed senior notes, according to an informed source and a news release.
The notes (Ba3/BB) were initially talked to price in the 4¾% area.
J.P. Morgan Securities, LLC is the bookrunner of the Rule 144A and Regulation S offering.
The notes will be guaranteed by certain existing and future wholly owned domestic restricted subsidiaries.
The issue is callable after three years.
Proceeds will be used to redeem all of the company’s outstanding 5¾% senior notes due 2023.
Hill-Rom Holdings is a Chicago-based medical device supplier.
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