Ortho-Clinical talks $1.15 billion eight-year notes to yield 6½% area

By Paul A. Harris

Portland, Ore., May 7 - Ortho-Clinical Diagnostics Inc. talked its $1.15 billion offering of eight-year senior notes (Caa1/CCC+) to price with a yield in the 6½% area, on top of earlier guidance, a market source said.

Books close at 5 p.m. ET Wednesday.

Goldman Sachs & Co. is the left bookrunner for the Rule 144A and Regulation S for life notes. Barclays, Credit Suisse Securities (USA) LLC, UBS Investment Bank and Nomura are the joint bookrunners.

SMBC Nikko, Jefferies LLC and RBS Securities Inc. are the co-managers.

The notes come with three years of call protection and feature a three-year 40% equity clawback.

Proceeds will be used to help fund the buyout of the Raritan, N.J.-based in-vitro diagnostics products maker by Carlyle Group LP.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.