Published on 2/6/2023 in the Prospect News High Yield Daily.
New Issue: Albertsons prices $750 million five-year notes at par to yield 6˝%
By Paul A. Harris
Portland, Ore., Feb. 6 – Albertsons Cos., Inc. priced a $750 million issue of five-year senior notes (Ba3/BB) at par to yield 6˝% in a Monday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 6˝% area. Initial guidance was in the high-6% area.
BofA Securities Inc. was at the left of a syndicate of deal managers that also included Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, U.S. Bancorp Investments Inc., BMO Capital Markets Corp., MUFG Securities Americas Inc., PNC Capital Markets LLC and TD Securities (USA) LLC.
The notes were issued via Safeway Inc., New Albertsons LP, Albertson's LLC and Albertsons Safeway LLC.
The Boise, Idaho-based supermarket operator plans to use the proceeds to pay off its 3˝% senior notes due Feb. 15, 2023.
| Issuers: | Safeway Inc., New Albertsons LP, Albertson's LLC and Albertsons Safeway LLC
|
| Amount: | $750 million
|
| Issue: | Senior notes
|
| Maturity: | Feb. 15, 2028
|
| Managers: | BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, U.S. Bancorp Investments Inc., BMO Capital Markets Corp., MUFG Securities Americas Inc., PNC Capital Markets LLC and TD Securities (USA) LLC
|
| Coupon: | 6˝%
|
| Price: | Par
|
| Yield: | 6˝%
|
| Spread: | 268 bps
|
| First call: | Feb. 15, 2025 at 103.25
|
| Trade date: | Feb. 6
|
| Settlement date: | Feb. 13
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6˝% area
|
| Marketing: | Drive-by
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
