Perrigo starts roadshow for $500 million eight-year notes; initial talk high 5% to 6% area

By Paul A. Harris

Portland, Ore., April 4 – Perrigo Investments, LLC and Perrigo Investments Capital, Inc. started a roadshow on Monday for a $500 million offering of eight-year senior notes (expected ratings Ba2/BB-/BB+), according to market sources.

The Rule 144A and Regulation S for life deal, which was set to kick off on a Monday conference call with investors, is in the market with initial guidance in the high 5% to 6% area, and is scheduled to price later in the April 4 week.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities, Inc. and HSBC Securities (USA) Inc. are the joint bookrunners.

Mizuho Securities USA Inc., SG Americas Securities LLC, ING Financial Markets LLC, BNP Paribas and PNC Capital Markets LLC are the co-managers.

The notes come with three years of call protection.

Proceeds, plus proceeds from $1.6 billion of new senior secured credit facilities, will be used to finance the acquisition of Hera SAS (HRA Pharma) and to refinance certain debt of its parent and its subsidiaries.

Perrigo is a Dublin-based provider of self-care products and over-the-counter health and wellness solutions. Hera is a Paris-based consumer self-care company.

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