Covis Pharma sets roadshow for $850 million equivalent two-part notes offer; investor call Thursday

By Paul A. Harris

Portland, Ore., Jan. 19 – Covis Pharma began a full roadshow on Wednesday for its $850 million equivalent two-part offering of Covis Finco Sarl five-year senior secured notes, according to market sources.

The deal features a $475 million tranche of dollar-denominated notes with initial guidance in the 7½% area.

The offering also features a $375 million equivalent tranche of euro-denominated notes.

An investor call is scheduled to get underway at 10 a.m. ET on Thursday.

Books close at 5 p.m. ET on Jan. 26, and the deal is set to price thereafter.

Barclays is the left bookrunner. HSBC, Mizuho, MUFG, BNP Paribas and RBC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The Zug, Switzerland-based specialty pharmaceutical company plans to use the proceeds plus a $350 million senior secured term loan B to refinance debt, including debt incurred to finance products acquired from AstraZeneca.

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