By Paul A. Harris
St. Louis, March 14 - Nycomed A/S priced €400 million of senior pay-in-kind notes due Oct. 15, 2013 at 99.00 to yield 11.94%, according to an informed source.
The PIK-for-life notes have an indicative coupon of 11¾%.
Price talk was an indicative coupon of 11½% at a price of 99.00.
Credit Suisse First Boston and Goldman Sachs & Co. ran the books for the Rule 144A/Regulation S issue, which has no registration rights.
Proceeds will be used to help fund the acquisition of Nycomed. Nordic Capital Fund V has agreed to acquire a controlling interest in Nycomed from a group of investors led by DLJ Merchant Banking.
Nycomed is a Roskilde, Denmark-based company that develops, manufactures and markets specialist and prescription pharmaceuticals and consumer health products.
| Issuer: | Nycomed A/S
|
| Amount: | €400 million
|
| Maturity: | Oct. 15, 2013
|
| Security description: | Senior PIK notes (PIK for life)
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| Bookrunners: | Credit Suisse First Boston, Goldman Sachs & Co.
|
| Indicative coupon: | 11¾%
|
| Price: | 99.00
|
| Yield: | 11.94%
|
| Spread: | 835 basis points
|
| Call features: | Callable after March 15, 2007 at 102%, 101%, par on and after March 15, 2009
|
| Trade date: | March 14
|
| Settlement date: | March 21
|
| Price talk: | Indicative coupon of 11½% at 99.00
|
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