Published on 1/27/2014 in the Prospect News High Yield Daily.
New Issue: Elizabeth Arden prices $100 million tap of 7 3/8% notes at 106.75 to yield 5.614%
By Paul A. Harris
Portland, Ore., Jan. 27 - Elizabeth Arden, Inc. priced a $100 million add-on to its 7 3/8% senior notes due March 15, 2021 (B1/BB-) at 106.75 to yield 5.614% on Monday, according to a market source.
The reoffer price came at the cheap end of the 106.75 to 107.25 price talk.
J.P. Morgan Securities LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the active bookrunners for the quick-to-market deal. HSBC Securities was the passive bookrunner.
The Miramar, Fla.-based beauty products company plans to use the proceeds to repay debt.
Issuer: | Elizabeth Arden, Inc.
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Face amount: | $100 million
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Proceeds: | $107 million
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Maturity: | March 15, 2021
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Security description: | Add-on to the 7 3/8% senior notes due March 15, 2021
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Active bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC
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Passive bookrunner: | HSBC Securities
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Coupon: | 7 3/8%
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Price: | 106.75
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Yield to worst: | 5.614%
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Spread: | 341 bps
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First call date: | March 15, 2016
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Trade date: | Jan. 27
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Settlement date: | Jan. 30 with accrued interest
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Rating: | Moody's: B1
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| Standard & Poor's: BB-
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 106.75 to 107.25
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Marketing: | Quick to market
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Original issue: | $250 million priced at par in January 2011
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Fungibility: | Upon registration the add-on notes will be fungible with the existing notes
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Total issue size: | $350 million
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