By Paul A. Harris
Portland, Ore., Jan. 13 - Elizabeth Arden Inc. priced an upsized $250 million issue of 10-year senior notes (B1/B/) at par to yield 7 3/8% on Thursday, according to market sources.
The yield printed at the tight end of the 7½% area price talk.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities were the joint bookrunners for the issue, which was upsized from $225 million.
Proceeds will be used to fund a tender offer covering any and all of the company's $220 million of 7¾% senior subordinated notes due 2014.
Elizabeth Arden is a Miramar, Fla.-based beauty products company.
Issuer: | Elizabeth Arden Inc.
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Amount: | $250 million, increased from $225 million
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Maturity: | March 15, 2021
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Securities: | Senior notes
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Bookrunners: | J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities
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Co-manager: | HSBC
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Coupon: | 7 3/8%
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Price: | Par
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Yield: | 7 3/8%
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Spread: | 402 bps
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Call protection: | Five years
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Trade date: | Jan. 13
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Settlement date: | Jan. 21
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Ratings: | Moody's: B1
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| Standard & Poor's: B
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Distribution: | Rule 144A
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Price talk: | 7½% area
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Marketing: | Roadshow
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