By Paul A. Harris
Portland, Ore., June 17 – Energizer Holdings, Inc. priced a $600 million issue of eight-year senior notes (B2/B+) at par to yield 4¾% in a Wednesday drive-by, according to market sources.
The yield printed at the tight end of the 4¾% to 5% yield talk. Initial talk was in the low-5% area.
Joint bookrunners for the Rule 144A and Regulation S issue were Citigroup Global Markets Inc. (lead), BofA Securities Inc., J.P. Morgan Securities LLC, Barclays and MUFG.
Standard Chartered Bank, TD Securities (USA) LLC and SWS are the co-managers.
The St. Louis-based battery manufacturer plans to use the proceeds, together with cash on hand, to repurchase Energizer’s 5½% senior notes due 2025.
Issuer: | Energizer Holdings, Inc.
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Amount: | $600 million
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Maturity: | June 15, 2028
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Securities: | Senior notes
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Lead: | Citigroup
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Joint bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, Barclays and MUFG
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Co-managers: | Standard Chartered Bank, TD Securities (USA) LLC and SWS
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Coupon: | 4¾%
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Price: | Par
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Yield: | 4¾%
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Spread: | 420 bps
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First call: | June 15, 2023 at 102.375
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Trade date: | June 17
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Settlement date: | July 1
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Ratings: | Moody's: B2
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| S&P: B+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 4¾% to 5%
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Marketing: | Drive-by
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