Leiner Health Products to bring $150 million notes via UBS

By Paul A. Harris

St. Louis, April 21 - Leiner Health Products is expected to bring a $150 million high-yield bond offering in the coming weeks, according to informed sources.

UBS Investment Bank and Morgan Stanley will be on the syndicate.

The company is also obtaining a new $290 million credit facility that is being led by the same investment banks. The bank financing will possibly launch in early May, according to a source.

Proceeds to will be used to back North Castle Partners and Golden Gate Capital's recapitalization of Leiner Health Products.

Leiner is a Carson, Calif.-based manufacturer of private label vitamin and mineral supplements and diet aids and is the second-largest manufacturer of private label over-the-counter pharmaceuticals in the United States.

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