Mylan prices restructured $800 million eight-year 6% notes at 98.45

By Paul A. Harris

St. Louis, Nov. 9 - Mylan Inc. priced its restructured $800 million offering of eight-year senior notes (expected ratings B1/BB-) late Tuesday with a 6% at an issue price of 98.45.

Further details were not immediately available.

The quick-to-market notes had been talked earlier in Tuesday's session with a 6% area yield, according to an informed source.

J.P. Morgan Securities LLC, Bank of American Merrill Lynch and Citigroup are joint bookrunners for the Rule 144A and Regulation S for life offer.

ANZ, Commerzbank, Credit Agricole CIB, Credit Suisse, HSBC, Mizuho, PNC Capital Markets, RBS Securities, Scotia Capital, SunTrust Robinson Humphrey, BNP Paribas and DNB are co-managers.

The notes come with four years of call protection.

The Pittsburgh-based specialty pharmaceutical company will use the proceeds to repay bank debt.

The deal launched with an anticipated $400 million 12-year notes tranche. In a restructuring the company shifted those proceeds to the eight-year tranche, increasing its size to $800 million from $400 million.

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