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Halyard Health talks $250 million eight-year notes at 6¼% area yield
By Paul A. Harris
Portland, Ore., Oct. 1 – Halyard Health, Inc. talked its $250 million offering of eight-year senior notes (B2/B+) to yield in the 6¼% area, according to a syndicate source.
Official talk comes slightly wide of early guidance of 6% to 6 1/8%, according to a bond trader.
Books close at 12:30 p.m. ET on Thursday.
Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets are the joint bookrunners for the Rule 144A with registration rights offering.
BBVA, BMO Securities, MUFG and U.S. Bancorp Investments Inc. are the co-managers.
The notes come with three years of call protection.
The deal is part of the financing for Kimberly-Clark Corp.’s spinoff of its Halyard Health subsidiary, which is set to close at the end of October.
Debt financing for the spinoff also includes $640 million of bank debt.
Alpharetta, Ga.-based Halyard Health is a health care company focused on preventing infection, eliminating pain and speeding recovery.
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