Mylan sets price talk for $1 billion seven-, 10-year senior notes

By Paul A. Harris

St. Louis, May 11 - Mylan Inc. set price talk for its $1 billion two-part offering of senior notes (B1/BB-/) on Tuesday, according to an informed source.

The Pittsburgh-based generic and specialty pharmaceutical company talked a tranche of seven-year notes to yield 7½% to 7¾%. The seven-year notes come with four years of call protection.

Meanwhile, Mylan talked a tranche of 10-year notes to yield 7¾% to 8%. The 10-year notes are non-callable for five years.

Tranche sizes remain to be determined.

The order books close at 11 a.m. ET on Wednesday, with the deal set to price thereafter.

Goldman Sachs & Co., Bank of America Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are the joint bookrunners for the offering, which is in the market via Rule 144A and Regulation S.

Proceeds will be used to prepay a portion of the company's outstanding term loans.

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