By Paul A. Harris
Portland, Ore., April 21 – Kedrion Biopharma priced a $790 million issue of Kevlar SpA 6˝% senior secured notes due Sept. 1, 2029 (B3/B) at 84 to yield 9.963% on Friday, according to a syndicate source.
Pricing came in line with talk that set out a 6˝% coupon at 84 to yield 9.966%.
Morgan Stanley was the global coordinator and physical bookrunner. Joint bookrunners were Credit Agricole, UniCredit, Natixis, BNP Paribas and Intesa.
The deal underwent covenant changes which primarily bear upon how the company may disburse cash and incur additional debt.
Proceeds will be used to repay the bridge loan incurred when Premira and Kedrion merged Kedrion and Bio Products Laboratory in January 2022.
Kedrion is a Tuscany, Italy-based pharmaceutical company.
| Issuer: | Kevlar SpA
|
| Amount: | $790 million
|
| Issue: | Senior secured notes
|
| Maturity: | Sept. 1, 2029
|
| Global coordinator: | Morgan Stanley
|
| Physical bookrunner: | Morgan Stanley
|
| Joint bookrunners: | Credit Agricole, UniCredit, Natixis, BNP Paribas and Intesa
|
| Coupon: | 6˝%
|
| Price: | 84
|
| Yield: | 9.963%
|
| Spread: | 635 bps
|
| First call: | Sept. 1, 2025 at 103.25
|
| Special call: | 10% of notes annually at 103 during non-call period
|
| Trade date: | April 21
|
| Settlement date: | May 3
|
| Ratings: | Moody’s: B3
|
| S&P: B
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 6˝% coupon at 84 to yield 9.966%
|
| Marketing: | Roadshow
|
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