Mallinckrodt starts roadshow for $900 million eight-year notes offer

By Paul A. Harris

Portland, Ore., July 28 – Mallinckrodt International Finance SA and Mallinckrodt CB LLC began a roadshow on Monday in New York for a $900 million offering of eight-year senior notes (expected ratings B2/B), according to a syndicate source.

The roadshow moves to Boston on Tuesday.

Conference calls for investors on the West Coast of the United States are set for Tuesday.

Additional conference calls are scheduled for Wednesday, and the Rule 144A and Regulation S for life deal is set to price Wednesday morning.

Joint bookrunner Barclays will bill and deliver. Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC are also joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Dublin-based pharmaceutical company plans to use the proceeds to finance the acquisition of Questcor Pharmaceuticals Inc.

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