Ortho-Clinical Diagnostics buyout to include $1.15 billion bonds

By Paul A. Harris

Portland, Ore., Feb. 18 - A $1.15 billion issue of high-yield notes backing the buyout of Ortho-Clinical Diagnostics, Inc. by the Carlyle Group could come to market during the second quarter of 2014, according to a buyside source who participated in the syndication of the bridge loan backing the deal.

Goldman Sachs & Co. led the bridge, according to the buysider, who added that Goldman Sachs will also lead the bonds in a syndicate of banks that will include Barclays, Credit Suisse, UBS and Nomura.

The financing backing Carlyle's $4.15 billion acquisition of Ortho-Clinical Diagnostics from Johnson & Johnson will also include a $2,175,000,000 term loan B.

The equity portion of the transaction is $1,025,000,000, the buysider added.

Closing is expected in the middle of this year, subject to customary regulatory approvals.

Ortho-Clinical Diagnostics is a Raritan, N.J.-based provider of solutions for screening, diagnosing, monitoring and confirming diseases.

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