By Paul A. Harris
Portland, Ore., Jan. 16 – Ortho-Clinical Diagnostics SA priced an upsized $675 million issue of eight-year senior notes (Caa2/CCC) at par to yield 7¼% on Thursday, according to market sources.
The issue size was increased from $440 million.
The deal priced tight to talk in the mid 7% area, an investor said, and added that there was $700 million of reverse inquiry tiered into the deal.
Early guidance was in the 8% area, a trader said.
J.P. Morgan Securities LLC was the lead underwriter.
The Raritan, N.J.-based provider of in-vitro diagnostics solutions plans to use the proceeds to refinance debt.
| Issuer: | Ortho-Clinical Diagnostics SA
|
| Amount: | $675 million, increased from $440 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Call protection: | Three years
|
| Trade date: | Jan. 16
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC
|
| Price talk: | Mid 7% area
|
| Marketing: | Quick to market
|
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