Warner Chilcott downsized $600 million 10-year notes talked in 8¾% area

By Paul A. Harris

St. Louis, Jan. 12 - Warner Chilcott Corp.'s $600 million of 10-year senior subordinated notes (Caa1/CCC+) were talked in the 8¾% area, according to a syndicate source.

The notes, which will mature in 2015 and are non-callable for five years, are expected to price on Thursday afternoon.

Credit Suisse First Boston, Deutsche Bank Securities and JP Morgan are the joint bookrunners for the Rule 144A/Regulation S offering. Morgan Stanley is the co-manager.

Warner Chilcott downsized its bond offering to $600 million from $750 million on Tuesday, shifting $150 million to its credit facility and increasing the bank financing to $1.79 billion.

Proceeds will be used to fund DLJ Merchant Banking, JP Morgan Partners, Bain Capital and Thomas H. Lee's acquisition of Warner Chilcott plc.

Warner Chilcott is a Craigavon, U.K.-based branded pharmaceutical manufacturer and marketer.

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