Axcan starts roadshow for $225 million of seven-year secured notes

By Paul A. Harris

Portland, Ore., Jan. 25 - Axcan Intermediate Holdings Inc. began a roadshow on Tuesday for a $225 million offering of seven-year senior secured notes (/BB/), according to an informed source.

The deal is set price late next week.

Bank of America Merrill Lynch, Barclays Capital, RBC Capital Markets and HSBC are the joint bookrunners for the Rule 144A with registration rights offering.

The notes come with three years of call protection. However a special call provision will allow the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes also come with a 101% poison put.

Proceeds, together with cash on hand, as well as proceeds from an equity contribution and a term loan, will be used to finance the acquisition of Eurand NV, and to pay off debt of Axcan and Eurand.

Axcan is a Mont-Saint-Hilaire, Quebec-based pharmaceutical company focused on the treatment of gastrointestinal disorders.

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