Mallinckrodt talks $900 million eight-year notes to yield 5½%-5¾%

By Paul A. Harris

Portland, Ore., July 29 – Mallinckrodt International Finance SA and Mallinckrodt CB LLC talked their $900 million offering of eight-year senior notes (B1/BB-) to yield 5½% to 5¾%, a syndicate source said on Tuesday.

Books close at 10 a.m. ET Wednesday, and the deal is set to price thereafter.

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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