By Paul A. Harris
St. Louis, Oct. 20 - Del Laboratories Inc. priced a $185 million issue of six-year senior secured floating-rate notes (B2/B) at par on Thursday to yield three-month Libor plus 500 basis points, on top of price talk, according to an informed source.
Bear Stearns & Co. and JP Morgan ran the books for the Rule 144A issue.
Proceeds, together with an expected asset-based revolving credit facility, will be used to repay the company's existing senior credit facilities.
Del Laboratories is a Uniondale, N.Y.-based manufacturer and marketer of over-the-counter pharmaceuticals.
Issuer: | Del Laboratories Inc.
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Amount: | $185 million
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Maturity: | Nov. 1, 2011
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Security description: | Senior secured floating-rate notes
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Bookrunners: | Bear Stearns & Co., JP Morgan
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Coupon: | Three-month Libor plus 500 basis points
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Price: | Par
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Yield: | Three-month Libor plus 500 basis points
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First call: | Nov. 1, 2007 at 102
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Trade date: | Oct. 20
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Settlement date: | Oct. 28
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Price talk: | Libor plus 500 basis points
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