Carlyle-backed Ortho Clinical Diagnostics goes public

Ortho Clinical Diagnostics Holdings plc, an in-vitro diagnostics company, has raised $1.3 billion for its IPO after pricing its 76 million shares at $17 per share.

Ortho Clinical Diagnostics Holdings plc, an in-vitro diagnostics company, has raised $1.3 billion for its IPO after pricing its 76 million shares at $17 per share. The stock began trading January 28, 2021 on the NASDAQ under the ticker symbol “OCDX.” J.P. Morgan, BofA Securities, and Goldman Sachs are the lead underwriters. Ortho is backed by The Carlyle Group.

PRESS RELEASE

RARITAN, N.J., Jan. 27, 2021 /PRNewswire/ — Ortho Clinical Diagnostics Holdings plc (“Ortho”), 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 pricing of its initial public offering of 76 million ordinary shares at $17.00 per share. The gross proceeds raised from this offering are expected to be $1,292 million. Ortho’s ordinary shares are expected to begin trading on The Nasdaq Global Select Market on January 28, 2021, under the symbol “OCDX,” and the offering is expected to close on February 1, 2021, subject to customary closing conditions.

Ortho has granted the underwriters a 30-day option to purchase up to 11.4 million additional ordinary shares at the initial public offering price less underwriting discounts and commissions.

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.

A registration statement on Form S-1 relating to these securities has been declared effective by the Securities and Exchange Commission. This news release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities may be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained by contacting:
J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-866-803-9204, or by email at prospectus-eq_fi@jpmchase.com; or
BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com; or
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: +1 866 471 2526, facsimile: +1 212 902 9316, or email: prospectus-ny@ny.email.gs.com.

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.