By Paul A. Harris
Portland, Ore., July 5 – Kedrion SpA priced an upsized €350 million issue of non-rated 3% five-year notes at 99.43 to yield 3 1/8% on Wednesday, according to a market source.
The amount was increased from €300 million.
The yield printed at the tight end of the 3 1/8% to 3¼% yield talk. Initial talk was 3 3/8%.
Banca IMI SpA, Mediobanca, Banca di Credito Finanziario SpA and Natixis managed the sale.
Proceeds are being used to fund a tender for Kedrion’s 4 5/8% notes due April 24, 2019.
Kedrion is a biopharmaceutical firm based in Lucca, Italy.
| Issuer: | Kedrion SpA
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| Amount: | €350 million, increased from €300 million
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| Tenor: | Five years
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| Securities: | Notes
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| Managers: | Banca IMI SpA., Mediobanca, Banca di Credito Finanziario SpA, Natixis
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| Coupon: | 3%
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| Price: | 99.43
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| Yield: | 3 1/8%
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| Trade date: | July 5
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| Rating: | Non-rated
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| Price talk: | 3 1/8% to 3¼%
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| Marketing: | Quick to market
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