Biovail $275 million eight-year notes talk at 8%-8¼%, pricing Monday

By Paul A. Harris

St. Louis, Mo., March 22 - Price talk of 8%-8¼% emerged Friday on Biovail Corp.'s offering of $275 million eight-year senior subordinated notes (expected ratings B2/B+), according to a syndicate source.

The books close Monday at 3:30 ET and pricing is expected shortly thereafter, according to the source.

UBS Warburg is sole bookrunner. Credit Suisse First Boston, JP Morgan, Morgan Stanley, Scotia Capital, BMO Nesbitt Burns and RBC are co-managers.

Proceeds from the off-the-shelf notes, which are non-callable for four years, will be used to pay down the company's revolver, and for general corporate purposes.

The integrated pharmaceutical company is based in Mississauga, Ontario.

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