Royalty Pharma sets talk for fixed-rate social notes in two tranches

By Devika Patel and Cristal Cody

Knoxville, Tenn., July 15 – Royalty Pharma plc is expected to sell fixed-rate senior social notes in two parts, according to a 424B5 filing with the Securities and Exchange Commission and a market source.

The notes, which mature on Sept. 2, 2031 and Sept. 2, 2051, feature a make-whole call and then a par call.

The 2031 notes are being talked in the Treasuries plus 125 basis points area. The 2051 notes are being talked in the Treasuries plus 175 bps area.

BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.

The notes are guaranteed by Royalty Pharma Holdings Ltd.

Proceeds will be advanced to Royalty Pharma Holdings Ltd., which will use the funds for general corporate purposes.

Royalty Pharma is a New York-based acquirer of royalty interests in marketed and late-stage biopharmaceutical products.

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