By Lisa Kerner
Charlotte, N.C., July 5 - West Pharmaceutical Services, Inc. completed a private placement of $168 million senior notes.
The notes were issued in three series as follows:
• $42 million of 3.67% series 2012 A notes due July 5, 2022;
• $53 million of 3.82% series 2012 B notes due July 5, 2024; and
• $73 million of 4.02% series 2012 C notes due July 5, 2027.
Proceeds will be used to reduce debt under West's revolving credit facility that was used to finance the purchase of $158.4 million principal amount of its 4% convertible junior subordinated debentures due 2047 under a tender offer completed on June 5, a company news release said.
West Pharmaceutical is a Lionville, Pa.-based manufacturer of components and systems for injectable drug delivery.
| Issuer: | West Pharmaceutical Services, Inc.
|
| Issue: | Senior notes
|
| Amount: | $168 million
|
| Distribution: | Private placement
|
|
|
| Series A notes
|
| Amount: | $42 million
|
| Maturity: | July 5, 2022
|
| Coupon: | 3.67%
|
|
|
| Series B notes
|
| Amount: | $53 million
|
| Maturity: | July 5, 2024
|
| Coupon: | 3.82%
|
|
|
| Series C notes
|
| Amount: | $73 million
|
| Maturity: | July 5, 2027
|
| Coupon: | 4.02%
|
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