Kedrion/Kevlar $790 million 6½% secured notes due 2029 talked initially at 84 to yield about 10%

By Paul A. Harris

Portland, Ore., April 17 – Kedrion Biopharma commenced marketing of the Kevlar SpA $790 million offering of 6½% senior secured notes due Sept. 1, 2029 (B3/B) on Monday, according to a syndicate source.

Initial talk has the notes coming at an original issue discount of 84 to yield approximately 10%.

The deal is set to price later in the April 17 week.

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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