Ortho Clinical Diagnostics Holdings plc, the world's largest pure-play in vitro diagnostics company dedicated to improving and saving lives through innovative laboratory testing and blood-typing solutions, today announced the launch of its initial public offering of its ordinary shares. Ortho is offering 70 million ordinary shares, with the initial public offering price expected to be between $20.00 and $23.00 per share.
Ortho expects to grant the underwriters a 30-day option to purchase up to 10.5 million additional ordinary shares at the initial public offering price less underwriting discounts and commissions. Ortho has applied to have its ordinary shares approved for listing on The NASDAQ Stock Market under the symbol "OCDX."
Ortho intends to use the net proceeds from the offering to redeem $160 million in aggregate principal amount of 7.375% senior notes due 2025 and $270 million in aggregate principal amount of 7.250% senior notes due 2028, in each case issued by certain of Ortho's subsidiaries, repay borrowings under its dollar term loan facility, and for working capital and general corporate purposes, which may include further repayment of indebtedness.
The offering is being made through an underwriting group led by J.P. Morgan, BofA Securities, and Goldman Sachs & Co. LLC, who are acting as lead bookrunning managers, Barclays, Morgan Stanley, Citigroup, Credit Suisse, UBS Investment Bank, Evercore ISI and Piper Sandler, who are acting as joint bookrunning managers, and ING, Macquarie Capital, Nomura, TCG Capital Markets L.L.C., Drexel Hamilton, H.C. Wainwright & Co., Ramirez & Co., Inc. and Siebert Williams Shank, who are acting as co-managers.
About Ortho Clinical Diagnostics
Ortho Clinical Diagnostics is a global leader of in vitro diagnostics dedicated to improving and saving lives through innovative laboratory testing and blood-typing solutions.
Because Every Test is a Life™, we never stop innovating to offer streamlined, sustainable laboratory solutions that deliver fast, accurate, reliable test results that support exceptional patient care.
As a trusted partner of hospitals, hospital networks, blood banks, and labs around the world, we proudly serve the clinical laboratory and transfusion medicine communities with customized solutions that enhance clinical outcomes, improve lab performance, overcome staffing challenges and better manage costs.
We are powered by Ortho Care™, our global, award-winning, holistic approach to service, which supports customers with best-in-class technical support, award-winning field support, and remote service and inventory support.
