New Issue: Ortho-Clinical prices upsized $1.3 billion eight-year notes at par to yield 6 5/8%

By Paul A. Harris

Portland, Ore., May 8 - Ortho-Clinical Diagnostics, Inc. launched and priced an upsized $1.3 billion issue of eight-year senior notes (Caa1/CCC+/) at par to yield 6 5/8% on Thursday, according to a market source.

The deal was upsized from $1.15 billion.

The yield printed at the wide end of yield talk in the 6½% area.

Goldman Sachs & Co. was the left bookrunner. Barclays, Credit Suisse Securities (USA) LLC, UBS Investment Bank and Nomura were the joint bookrunners.

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

Issuer:	Ortho-Clinical Diagnostics, Inc.
Amount:	$1.3 billion, increased from $1.15 billion
Maturity:	May 15, 2022
Securities:	Senior notes
Left bookrunner:	Goldman Sachs & Co.
Joint bookrunners:	Barclays, Credit Suisse Securities (USA) LLC, UBS Investment Bank, Nomura
Co-managers:	SMBC Nikko Capital Markets, Ltd., Jefferies & Co., RBS Securities Inc.
Coupon:	6 5/8%
Price:	Par
Yield:	6 5/8%
Call protection:	Three years
Trade date:	May 8
Settlement date:	May 16
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Distribution:	Rule 144A and Regulation S for life
Price talk:	6½% area
Marketing:	Roadshow

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