Allegan-based Perrigo Co. (Nasdaq: PRGO) said Tuesday that it expects to issue $350 million of notes in its fiscal second quarter pursuant to its existing Master Note Purchase Agreement.
Perrigo currently anticipates that the notes offered will consist of: $75 million of 10-year notes with an interest rate of 4.27 percent to be issued Sept. 30, $100 million of 15-year notes with an interest rate of 4.67 percent to be issued Sept. 30 and $175 million of 12-year notes with an interest rate of 4.52 percent to be issued on Dec. 15.
The terms of the notes are expected to include covenants consistent with the notes most recently issued under the Master Note Purchase Agreement in April 2010.
Perrigo expects to use the net proceeds from the sale of the notes for general corporate purposes, which may include the repayment of indebtedness.
While Perrigo has received initial commitments from the expected purchasers of the notes, the issuance of the notes remains subject to execution of definitive documentation. The notes offered will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This notice does not constitute an offer of any securities for sale.
Perrigo develops, manufactures and distributes over-the-counter and generic prescription pharmaceuticals, infant formulas, nutritional products, and active pharmaceutical ingredients. The company is the world’s largest manufacturer of OTC pharmaceutical products and infant formulas, both for the store brand market. The company’s primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico, the United Kingdom and Australia.
More at www.perrigo.com.