Teleflex talks restructured $250 million offering of eight-year notes with 6 7/8% area yield

By Paul A. Harris

Portland, Ore., June 7 - Teleflex Inc. revised the structure of its $250 million offering of senior subordinated notes (B1/BB-), reducing the tenor to eight years from 10 years and decreasing the call protection to four years from five years, an informed source said on Tuesday.

Price talk is set at the 6 7/8% area.

The public deal is scheduled to price Wednesday morning.

Bank of America Merrill Lynch, Goldman Sachs & Co. and J.P. Morgan Securities LLC are the bookrunners for the notes, which will be sold from a shelf registration with the Securities and Exchange Commission.

The notes feature a 101% poison put.

The Limerick, Pa.-based medical device company plans to use the proceeds to prepay $125 million of its existing credit facilities and for general corporate purposes, which may include capital expenditures, acquisitions and additional debt repayment.

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