By Aleesia Forni
New York, Dec. 4 – Mylan NV priced on Friday $1 billion of senior notes (Baa3/BBB-/BBB-) in three- and five-year tranches, a market source said.
A $500 million 3% tranche of three-year notes sold at Treasuries plus 180 basis points. Pricing was at 99.874 to yield 3.044%.
The notes sold at the tight side of guidance set in the Treasuries plus 185 bps area, tightened from talk in the Treasuries plus 200 bps area.
A $500 million 3.75% tranche of five-year notes sold at 99.968 to yield 3.757%. The notes sold at Treasuries plus 205 bps.
Guidance was in the Treasuries plus 210 bps area following initial talk in the Treasuries plus 225 bps area.
The bookrunners were Goldman Sachs & Co., Deutsche Bank Securities Inc. and MUFG.
Proceeds will be used to repay amounts outstanding under the company’s revolving credit facility and its accounts receivable securitization facility and to finance a portion of the repurchase of its ordinary shares under its previously announced share repurchase program.
Mylan is a pharmaceutical company based in Hatfield, England.
| Issuer: | Mylan NV
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc., MUFG
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 9
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | Dec. 15, 2018
|
| Coupon: | 3%
|
| Price: | 99.874
|
| Yield: | 3.044%
|
| Spread: | Treasuries plus 180 bps
|
| Price guidance: | Treasuries plus 185 bps area, tightened from Treasuries plus 200 bps area
|
| Make-whole call: | Treasuries plus 30 bps
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Dec. 15, 2020
|
| Coupon: | 3.75%
|
| Price: | 99.968
|
| Yield: | 3.757%
|
| Spread: | Treasuries plus 205 bps
|
| Price guidance: | Treasuries plus 210 bps area, tightened from Treasuries plus 225 bps area
|
| Make-whole call: | Treasuries plus 35 bps
|
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