By Paul A. Harris
St. Louis, July 30 - Mylan, Inc. priced a $300 million add-on to its 7 7/8% senior notes due July 15, 2020 (B1/BB-/) at 105.5, resulting in a 6.955% yield, according to informed sources.
No official price talk was circulated.
Goldman Sachs & Co. ran the books for the quick-to-market deal.
The Pittsburgh-based pharmaceutical company will use the proceeds to fund the pending acquisition of Bioniche Pharma Group Ltd., an Ireland-based manufacturer of injectable pharmaceutical products.
Should the acquisition not be consummated, the proceeds would be used for general corporate purposes, which may include debt repayment.
The original $700 million issue priced at 99.97 to yield 7 7/8% on May 12 as part of a $1.25 billion two-tranche deal that also featured a $550 million issue of 7 5/8% notes due July 15, 2017.
The add-on notes are fungible with the existing 7 7/8% notes due July 15, 2020.
| Issuer: | Mylan, Inc.
|
| Face amount: | $300 million
|
| Proceeds: | $316.5 million
|
| Maturity: | July 15, 2020
|
| Security description: | Fungible add-on to 7 7/8% senior unsecured notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 7 7/8%
|
| Price: | 105.5
|
| Yield: | 6.955%
|
| Call protection: | Callable July 15, 2015 at 103.938, 102.625, 101.313, par on and after July 15, 2018
|
| Trade date: | July 30
|
| Settlement date: | Aug. 13 with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life
|
| Marketing: | Quick-to-market
|
| Original issue: | $700 million priced at 99.97 to yield 7 7/8% on May 12
|
| Total issue size: | $1 billion
|
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