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Biomet sets price talk for $1.33 billion two-part offering of notes
By Paul A. Harris and Aleesia Forni
Columbus, Ohio, Sept. 18 - Biomet Inc. set price talk for its proposed $1,325,000,000 two-part offering of notes Tuesday, according to a market source.
An $825 million add-on to the company's 6½% senior notes due Aug. 1, 2020 (existing ratings B3/B-) is being talked at the 104.75 area.
The notes will carry a make-whole call at Treasuries plus 50 bps until Aug. 1, 2015 and then will be callable at 104.875.
The original $1 billion issue priced at par on July 25, 2012.
Goldman Sachs & Co., Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
HSBC Securities (USA) LLC, ING Financial Markets LLC, Natixis Securities North America Inc., RBC Capital Markets LLC, SMBC and UBS Securities LLC are the co-managers.
Additionally, price talk for a $500 million issue of senior subordinated notes due 2020 (existing ratings Caa1/B-) is set in the 6½% area.
The notes will be non-callable for three years.
Bank of America, Goldman Sachs, Barclays, Citigroup, JPMorgan and Wells Fargo are the joint bookrunners.
HSBC, ING, Natixis, RBC, SMBC and UBS are the co-managers.
Both tranches are Rule 144A with registration rights transactions.
Proceeds will be used to fund a tender for the 10% senior notes due 2017 and up to $500 million of the 11 5/8% senior subordinated notes due 2017.
An investor call was held at 11 a.m. ET on Tuesday, and books close at 2 p.m. ET, with pricing expected thereafter.
Biomet is a Warsaw, Ind.-based designer, manufacturer and marketer of products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy.
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