By Paul A. Harris
St. Louis, April 9 - Patheon Inc. priced a $280 million issue of seven-year senior secured notes (B1/B+/) at par to yield 8 5/8% on Friday, according to an informed source.
The yield printed in the middle of the 8½% to 8¾% price talk.
J.P. Morgan Securities Inc. was the left bookrunner. UBS Investment Bank was the joint bookrunner.
Barclays Capital Inc. was a co-manager.
Proceeds will be used to repay debt and for general corporate purposes.
Patheon is a Research Triangle Park, N.C.-based provider of commercial manufacturing outsourcing services and outsourced pharmaceutical development services to the pharmaceutical industry.
| Issuer: | Patheon Inc.
|
| Amount: | $280 million
|
| Maturity: | April 15, 2017
|
| Security description: | Senior secured notes
|
| Left bookrunner: | J.P. Morgan Securities Inc.
|
| Joint bookrunner: | UBS Investment Bank
|
| Co-manager: | Barclays Capital Inc.
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 526 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 15, 2013, then callable at 106.469, 104.313, 102.156, par on and after April 15, 2016 (special call: 10% of principal per year at 103.0 through April 15, 2013)
|
| Equity clawback: | 35% at 108.625 until April 15, 2013
|
| Change-of-control put: | 101%
|
| Trade date: | April 9
|
| Settlement date: | April 23
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S for life
|
| Price talk: | 8½% to 8¾%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
