Roche launches US$5.75bn bond to back InterMune deal -lead

By Mike Gambale

NEW YORK, Sept 22 (IFR) - Swiss drugmaker Roche has launched a six-part US$5.75bn bond which will back its acquisition of InterMune, according to sources close to the deal.

Bookrunners Credit Suisse, Deutsche Bank, JP Morgan and MUFG are expected to price the deal later on Monday roughly 5-15bp tighter than where initial price thoughts were announced.

At launch stage, spreads were set at Treasuries plus 30bp for the US$850m three-year fixed-rate tranche, at Libor plus 9bp for the US$300m three-year floating rate tranche, at 50bp over for the US$1.5bn five-year fixed, at Libor plus 34bp for the US$500m five-year floater, at 67bp over for the US$1.3bn seven-year and 82bp for the US$1.3bn 10-year fixed-rate tranche.

Sources said earlier that demand had topped US$13bn.

For earlier story, click on (Reporting by Mike Gambale; Writing by Natalie Harrison; Editing by Paul Kilby)

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