By Paul A. Harris
Portland, Ore., April 30 – Kedrion SpA priced a €410 million issue of five-year senior secured notes (B1/B) at par to yield 3 3/8% on Thursday, according to market sources.
The deal had been in the market with initial guidance in the high 3% area.
The notes were trading below issue price at 99½ bid, 99¾ offered before the New York open on Friday, a source said.
Global coordinator and bookrunner JPMorgan will bill and deliver. BNP Paribas is also a global coordinator and bookrunner. Other bookrunners were Credit Agricole CIB, Banca IMI, Mediobanca, Natixis and UniCredit.
The biopharmaceutical company, which is based in Lucca, Italy, plans to use the proceeds to repay debt, to put cash on its balance sheet and for general corporate purposes.
| Issuer: | Kedrion SpA
|
| Amount: | €410 million
|
| Tenor: | Five years
|
| Securities: | Senior secured notes
|
| Global coordinators: | JPMorgan (bill and deliver) and BNP Paribas
|
| Other bookrunners: | Credit Agricole CIB, Banca IMI, Mediobanca, Natixis and UniCredit
|
| Coupon: | 3 3/8%
|
| Price: | Par
|
| Yield: | 3 3/8%
|
| Call protection: | Two years
|
| Trade date: | April 29
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Early guidance: | High 3% area
|
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