Ortho-Clinical Diagnostics driving by with $400 million five-year notes whispered in low 8% area

By Paul A. Harris

Portland, Ore., May 28 – Ortho-Clinical Diagnostics SA plans to price a $400 million offering of five-year senior notes (Caa2/CCC) in a Thursday drive-by, according to market sources.

Initial talk has the notes coming to yield in the low 8% area, a trader said.

J.P. Morgan Securities LLC is leading the sale.

The notes come with two years of call protection.

The Raritan, N.J. based in vitro diagnostics company plans to use the proceeds to refinance its 6 5/8% senior notes due 2022 and for general corporate purposes.

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