Perrigo withdraws $500 million unsecured notes offer, shifts proceeds to credit facilities

By Paul A. Harris

Portland, Ore., April 6 – Perrigo Investments, LLC and Perrigo Investments Capital, Inc. withdrew its $500 million offering of eight-year senior notes (Ba2/BB-/BB+) from the market, shifting the proceeds to its concurrent credit facilities, according to market sources.

The notes offer came with initial guidance in the high 5% to 6% area, and had been running an investor roadshow on a timeline that had it pricing before the end of the present week.

Morgan Stanley & Co. LLC was the left bookrunner.

With the elimination of the notes, the term loan B grew to $1.1 billion from $800 million, including a $400 million delayed-draw tranche. The term loan A upsized to $500 million from $300 million.

Proceeds 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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