Ortho-Clinical Diagnostics launches upsized $1.3 billion eight-year senior notes at 6 5/8%

By Paul A. Harris

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

The deal is upsized from $1.15 billion.

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

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.

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