Phoenix Pharmahandel Sets Pricing On EUR500M Bond At 10% Area

9th Jul 2010 11:34

LONDON (Dow Jones)--Price guidance has been set on German pharmaceutical distribution company Phoenix Pharmahandel GmbH's planned EUR500 million, four-year, high-yield bond in the area of 10%, one of the banks working on the deal said Friday. The senior, unsecured notes are expected to price later Friday. Deutsche Bank AG, Bayerische Landesbank, Commerzbank AG, Credit Agricole CIB, Danske Bank A/S, Erste Group Bank AG, Helaba, HSBC Holdings PLC, ING, Landesbank Baden-Wuerttemberg, Mediobanca, Nordea Bank AB, Royal Bank of Scotland Group PLC, RZB-Austria Raiffeisen Zentralbank AG, SEB, UniCredit SpA, and WestLB AG are joint-bookrunners on the deal. Standard & Poor's Corp. rated Phoenix CCC and the EUR500 million issue CC, which the ratings agency said reflected Phoenix's high level of debt. Moody's Investors Service Inc. rates the company and the issue B1. -By Ainsley Thomson, Dow Jones Newswires; 44 20 7842 9318; [email protected] (END) Dow Jones Newswires July 09, 2010 06:34 ET (10:34 GMT)