Mallinckrodt to price $750 million eight-year notes Wednesday

By Paul A. Harris

Portland, Ore., Sept. 9 – Mallinckrodt International Finance SA and Mallinckrodt CB LLC, wholly owned subsidiaries of Mallinckrodt plc, plan to price a $750 million offering of eight-year senior notes (expected ratings B1/BB-) on Wednesday trailing a late-morning conference call with investors, according to an informed source.

Barclays is the lead left bookrunner. Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and Wells Fargo Securities LLC are joint bookrunners.

Mizuho Securities, PNC Capital Markets and SunTrust Robinson Humphrey Inc. are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

Proceeds will be used to help fund the acquisition of West Chester, Pa.-based immunotherapy company Therakos Inc. from Gores Group.

Mallinckrodt is a U.K.-based specialty biopharmaceutical company with U.S. headquarters in St. Louis.

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