Millipore €250 million 10-year notes talked at Bunds plus 200 bps, may price Friday

By PaulDeckelman

New York, June 22 - Millipore Corp.'s upcoming split-rated €250 million issue of 10-year senior notes is expected to price at a spread of around 200 basis points over the comparable Bund, high yield syndicate sources said Thursday.

They said that a roadshow marketing the deal to potential investors that began on Wednesday will wrap up Friday. Even though it was initially anticipated that the deal would then likely price early next week, a market source indicated that pricing Friday "is possible as well."

That bond issue will come off the European desks of joint lead managers Banc of America Securities and UBS Investment Bank.

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 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 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.

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