Bioscrip plans $310 billion facilities; Jones Lang wraps €350 million

By Devika Patel

Knoxville, Tenn., June 29 – Thursday saw four private placements announced: Denver-based provider of infusion and home care management solutions BioScrip, Inc. reported that it priced a $200 million first lien note facility and a $110 million second lien note facility, both due Aug. 15, 2020, which will raise $300 million of proceeds. Wells Fargo Securities LLC is the agent.

Chicago-based provider of integrated real estate and investment management services Jones Lang LaSalle Inc. settled a €350 million private placement of senior notes in 10-year and 12-year equal tranches.

Advanced Drainage Systems, Inc., a Hilliard, Ohio, company that makes thermoplastic corrugated pipe and related water management products, settled $75 million of seven-year 3.53% shelf notes.

And, Mountain Grove, Mo., community bank First Bancshares, Inc. sold a $50 million private placement of 4.25% senior notes due July 1, 2022.

Bioscrip note facility

For Bioscrip’s transaction, interest on the first lien notes is one-month Libor plus 700 basis points subject to a 1% floor for Libor.

For the second lien notes, interest is one-month Libor plus 925 bps with a 1.25% floor for Libor. BioScrip also has the option to pay the interest in kind.

BioScrip will issue 10-year warrants for 4.99% of its common stock to the second lien note purchasers.

Proceeds will be used to repay in full all borrowings under the company’s previous senior credit facilities and its priming credit agreement.

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