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Owens & Minor kicks off $500 million offering of eight-year notes; initial talk 7% area
By Paul A. Harris
Portland, Ore., March 18 – Owens & Minor, Inc. kicked off a $500 million offering of eight-year senior notes (B2/B/BB-) with initial guidance in the 7% area on Friday, according to market sources.
The deal, which the market began to watch for late last week, was announced with a timeline that would have it pricing in the week ahead.
However, it's possible that it will price and allocate ahead of Friday's close, sources say.
J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Regions Securities LLC, Capital One Securities Inc., Citizens Capital Markets Inc. and KKR Capital Markets LLC are the bookrunners.
The Rule 144A and Regulation S for life notes come with three years of call protection.
The Richmond, Va.-based health care technology company plans to use the proceeds plus cash on hand and new term loans to finance the acquisition of Apria, Inc. and to repay Apria debt, with any remaining proceeds to be used for general corporate purposes.
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