Germany’s Phoenix Pharma launches €300 million seven-year notes to yield 3¾%; books closed

By Paul A. Harris

Portland, Ore., July 24 – Phoenix Pharmahandel GmbH & Co. KG (Phoenix Pharma) launched a €300 million offering of seven-year notes with a 3¾% yield on Thursday, according to a market source.

The order book, containing €550 million of orders from 130 accounts, is closed, the source added.

Pricing is expected Thursday.

The deal amount came at the high end of the €200 million to €300 million target size.

The yield came at the tight end of the 3¾% to 3 7/8% yield talk.

Commerzbank, Credit Suisse and ING are the arrangers.

Standard & Poor’s and Fitch Ratings both assign their BB senior unsecured credit ratings to the issuer, a Mannheim, Germany-based pharmaceutical wholesaler.

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