Published on 9/16/2020 in the Prospect News High Yield Daily.
New Issue: Energizer prices $800 million 4 3/8% notes due March 2029 at par
By Paul A. Harris
Portland, Ore., Sept. 16 – Energizer Holdings, Inc. priced an $800 million issue of senior notes due March 31, 2029 (B2/B+) at par to yield 4 3/8% in a Wednesday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 4½% area. Initial guidance was in the 4 5/8% area.
BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays and MUFG were the joint bookrunners.
The St. Louis-based battery manufacturer plans to use the proceeds to redeem its dollar-denominated senior notes maturing in 2026.
Issuer: | Energizer Holdings, Inc.
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Amount: | $800 million
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Maturity: | March 31, 2029
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Securities: | Senior notes
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Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays and MUFG
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Co-managers: | Standard Chartered Bank, TD Securities (USA) LLC and Siebert Williams Shank & Co. LLC
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Coupon: | 4 3/8%
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Price: | Par
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Yield: | 4 3/8%
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Spread: | 383 bps
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First call date: | Sept. 30, 2023
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Trade date: | Sept. 16
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Settlement date: | Sept. 30
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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: | 4½% area
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Marketing: | Drive-by
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