Salix Pharmaceuticals sets Monday roadshow start for $750 million seven-year notes via Jefferies

By Paul A. Harris

Portland, Ore., Dec. 6 - Salix Pharmaceuticals Ltd. plans to start a roadshow on Monday for a $750 million offering of seven-year senior notes (B2/B), according to an informed source.

The deal is set to price late in the week ahead.

Jefferies LLC is the bookrunner for the Rule 144A and Regulation S with registration rights offer.

Fifth Third Securities Inc., Natixis Securities North America Inc., PNC Capital Markets LLC, RBS Securities Inc., SMBC and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes become callable after three years at par plus 75% of the coupon.

Proceeds will be used to help fund the merger with Santarus, Inc.

Salix is a Raleigh, N.C.-based developer and marketer of prescription pharmaceutical products and medical devices for the prevention and treatment of gastrointestinal diseases. Santarus is a San Diego-based specialty biopharmaceutical company.

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