By Paul A. Harris
St. Louis, June 28 - Varietal Distribution Merger Sub, Inc. (VWR) has placed $522 million equivalent of non-rated 10-year senior subordinated notes in a deal that was not broadly marketed, according to a market source.
Issued in tranches of $353.335 million and €125 million, the notes were priced at par to yield 10¾%.
Goldman Sachs & Co. was the bookrunner.
On Tuesday VWR priced a $675 million issue of eight-year toggle notes (Caa1/CCC+) at par to yield 10¼%.
Proceeds will be used to redeem existing debt and finance the acquisition of CDRV Investors, Inc., the parent of VWR, by Madison Dearborn Partners.
Upon completion of the acquisition Varietal Merger Sub will be merged with and into CDRV Investors, and CDRV Investors will assume the obligations under the notes.
VWR is a West Chester, Pa., provider of laboratory equipment to the pharmaceutical, biotechnology, chemical and other industries.
| Issuer: | Varietal Distribution Merger Sub, Inc.
|
| Total amount: | $522 million equivalent
|
| Dollar tranche size: | $353.335 million
|
| Euro tranche size: | €125 million
|
| Maturity: | July 30, 2017
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 10¾%
|
| Price: | Par
|
| Yield: | 10¾%
|
| Call protection: | Five years
|
| Ratings: | Non-rated
|
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