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Embecta driving by with $200 million eight-year secured notes; initial talk high-6% area
By Paul A. Harris
Portland, Ore., March 23 – Embecta Corp. plans to price a $200 million offering of eight-year senior secured notes (expected ratings Ba3/B+) in a Wednesday drive-by trailing a conference call with investors, according to market sources.
Initial guidance has the deal coming to yield in the high-6% area, according to a sellside source.
Left bookrunner Morgan Stanley & Co. LLC will bill and deliver.
The Rule 144A and Regulation S for life notes become callable after five years at par plus 25% of the coupon.
Proceeds will be used to fund the spinoff of Embecta, a Franklin Lakes, N.J.-based medical technology company, from Becton, Dickinson and Co., and will be used by Becton in a debt-for-debt exchange in conjunction with the spinoff.
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