Aristotle Holding Selling Benchmark Bond Deal
November 14 2011 - 10:42AM
Dow Jones News
Aristotle Holding Inc. is offering a private deal of senior
notes of a benchmark amount, the company announced Monday. A
benchmark amount is $500 million.
The four-part deal features three-year, five-year, 10-year and
30-year maturities, according to a person familiar with the
deal.
The Delaware-based company is using the proceeds to pay
stockholders of Medco Health Solutions Inc. (MHS), in connection
with the merger, announced July 20, 2011, in which Express Scripts
Inc. (ESRX), a pharmacy benefit management company, and Medco, will
each become wholly-owned subsidiaries of Aristotle.
If the planned merger doesn't go through, Aristotle will redeem
the notes on April 20, 2012, at a price of 101.
Leading managers on the deal include Bank of America Merrill
Lynch, Citi, Credit Suisse, and Morgan Stanley. Supporting banks
include Bancolombia S.A., Deutsche Bank, RBS, and Scotiabank.
The offering is expected to be rated Baa3 by Moody's Investors
Service, BBB-plus by Standard & Poor's, and BBB by Fitch
Ratings.
According to the company's press release, Aristotle will be
renamed "Express Scripts Holding Company" upon completion of the
merger, and will become a publicly traded corporation.
-By Patrick McGee, Dow Jones Newswires; 212-416-2382;
patrick.mcgee@dowjones.com
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