Millipore shopping split-rated €250 million 10-year senior notes

By Paul Deckelman

New York, June 20 - Millipore Corp. was heard to be preparing to market a split-rated €250 million issue of 10-year senior notes to potential investors, high-yield syndicate sources said Tuesday.

They said the bond issue will come off the European desks of joint lead managers Banc of America Securities LLC and UBS. The deal will have a roadshow from Wednesday through Friday, with pricing anticipated early next week.

The issue will carry a Ba2 rating from Moody's Investors Service and a BBB- rating from Standard & Poor's.

Millipore, a Billerica, Mass.-based biotechnology company, will use the new-deal proceeds for general corporate purposes.

The bond issue will be Millipore's second trip to the debt markets this month. The company recently sold $550 million of new 3¾% convertible senior notes due 2026, using the proceeds to fund a portion of the merger costs connected with its $1.4 billion all-cash acquisition of Serologicals Corp., a consumable biological products manufacturer. That acquisition was announced in April and is expected to close by the end of this month.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.