By Paul A. Harris
Portland, Ore., May 28 – Ortho-Clinical Diagnostics SA priced a $400 million issue of five-year senior notes (Caa2/CCC) at par to yield 7 3/8% in a Thursday drive-by, according to market sources.
J.P. Morgan Securities LLC was the bookrunner.
The yield printed at the tight end of yield talk in the 7½% area. Initial talk had the notes coming to yield in the low 8% area.
The order book was heard to have contained $2 billion of orders from 102 accounts at 12:30 p.m. ET, a trader said.
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.
| Issuer: | Ortho-Clinical Diagnostics SA
|
| Amount: | $400 million
|
| Maturity: | June 1, 2025
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Call protection: | Two years
|
| Trade date: | May 28
|
| Settlement date: | June 11
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC
|
| Price talk: | 7½% area
|
| Marketing: | Drive-by
|
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