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Covis Pharma sets initial price talk in $850 million equivalent two-part secured notes offering
By Paul A. Harris
Portland, Ore., Jan. 20 – Covis Pharma set initial price talk in its $850 million equivalent two-part offering of Covis Finco Sarl five-year senior secured notes (B), according to market sources.
The deal features $375 million equivalent of euro-denominated notes with initial talk in the 7% area.
As reported, it also features a $475 million tranche of dollar-denominated notes with initial talk in the 7½% area.
The offer was scheduled to be pitched on a Thursday morning conference call with investors.
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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