ConvaTec covered at US$1.8bn minimum
By Robert Venes
Oct (HKSE: 3366-OL.HK - news) 20 (IFR) - Books were covered within the 225p-275p price range on the minimum deal size for ConvaTec's London Stock Exchange IPO last Tuesday morning. At present, the minimum deal comprises the primary proceeds target of US$1.8bn, which will be used to reduce the group's debt load.
However, there is also secondary selling planned from sponsors Nordic Capital and Avista Capital alongside management, though the size is yet to be decided.
The UK medical products and technologies company's management was in Boston and New York last week, with calls to investors on the west coast.
Books close on Tuesday, October 26.
Bank of America Merrill Lynch, Goldman Sachs (NYSE: GS-PB - news) and UBS (LSE: 0QNR.L - news) are joint global coordinators, and joint bookrunners with Credit Suisse, Deutsche Bank (LSE: 0H7D.L - news) , JP Morgan and Morgan Stanley (Xetra: 885836 - news) . Peel Hunt and RBC Capital are co-lead managers. Evercore is advising. (This story will appear in the October 22 issue of IFR magazine; Reporting by Robert Venes)