Kedrion/Kevlar talks $790 million 6½% secured notes due 2029 at 84, brings covenant changes

By Paul A. Harris

Portland, Ore., April 20 – Kedrion Biopharma talked its $790 million offering of Kevlar SpA 6½% senior secured notes due Sept. 1, 2029 (B3/B) at 84 to yield 9.966% on Thursday, according to a syndicate source.

Official talk comes in line with earlier guidance.

Along with price talk came covenant changes which primarily bear upon how the company may disburse cash and incur additional debt.

Books were set to close for U.S. accounts late Thursday afternoon but are scheduled to remain open for European accounts until Friday morning.

The Rule 144A and Regulation S notes become callable on Sept. 1, 2025 at 103.25. A special call provision would allow the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Proceeds will be used to repay the bridge loan incurred when Premira and Kedrion merged Kedrion and Bio Products Laboratory in January 2022.

Morgan Stanley is the global coordinator and physical bookrunner. Credit Agricole, UniCredit, Natixis, BNP Paribas and Intesa are the joint bookrunners.

Kedrion is a Tuscany, Italy-based pharmaceutical company.

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