New Issue: Mylan completes upsized $1.25 billion sale of seven-, 10-year notes

By Paul A. Harris

St. Louis, May 12 - Mylan, Inc. completed an upsized $1.25 billion sale of seven- and 10-year senior unsecured notes (B1/BB-/) on Wednesday, according to an informed source.

The Pittsburgh-based pharmaceutical company priced a $550 million issue of 7 5/8% notes due July 15, 2017 at 99.972 to yield 7 5/8%.

The yield printed in the middle of the 7½% to 7¾% price talk.

Mylan also priced a $700 million issue of 7 7/8% notes due July 15, 2020 at 99.97 to yield 7 7/8%.

The yield printed in the middle of the 7¾% to 8% price talk.

Goldman Sachs & Co. ran the books for the transaction, which was upsized from $1 billion.

Bank of America Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. were the joint bookrunners.

Co-managers were ANZ Investment Bank, Commerzbank, Credit Agricole CIB, Credit Suisse, Fifth Third, HSBC, Mitsubishi, Mizuho, PNC, RBS Securities, Scotia Capital and SunTrust Robinson Humphrey Inc.

Proceeds will be used to repay a portion of the company's dollar-denominated tranche B term loans and for general corporate purposes.

Issuer:	Mylan, Inc.
Face amount:	$1.25 billion, increased from $1 billion
Security description:	Senior unsecured notes
Left lead bookrunner:	Goldman Sachs & Co.
Joint bookrunners:	Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
Co-managers:	ANZ Investment Bank, Commerzbank, Credit Agricole CIB, Credit Suisse, Fifth Third, HSBC, Mitsubishi, Mizuho, PNC, RBS Securities, Scotia Capital, SunTrust Robinson Humphrey Inc.
Trade date:	May 12
Settlement date:	May 19
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Rule 144A for life
Seven-year notes
Face amount:	$550 million
Proceeds:	$549,846,000
Maturity:	July 15, 2017
Coupon:	7 5/8%
Price:	99.972
Yield:	7 5/8%
Call protection:	Callable beginning in year four at 103.813, 101.906, par
Price talk:	7½% to 7¾%
10-year notes
Face amount:	$700 million
Proceeds:	$699.79 million
Maturity:	July 15, 2020
Coupon:	7 7/8%
Price:	99.97
Yield:	7 7/8%
Call protection:	Callable beginning in year five at 103.938, 102.625, 101.313, par
Price talk:	7¾% to 8%

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