Patheon talks $280 million seven-year secured notes to yield 8½%-8¾%

By Paul A. Harris

St. Louis, April 8 - Patheon Inc. talked its $280 million offering of seven-year senior secured notes to yield 8½% to 8¾%, an informed source told Prospect News on Thursday.

The order books close at 1 p.m. ET on Friday, and the deal is set to price thereafter.

J.P. Morgan Securities Inc. is the left bookrunner for the Rule 144A and Regulation S for life offering. UBS Investment Bank is the joint bookrunner.

The notes come with three years of call protection.

Ratings agencies are expected to rate the notes in the single-B range.

Proceeds will be used to repay debt and for general corporate purposes.

Patheon is a Research Triangle Park, N.C.-based provider of commercial manufacturing outsourcing services and outsourced pharmaceutical development services to the pharmaceutical industry.

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