By Paul A. Harris
Portland, Ore., Jan. 4 – EnerSys priced a $300 million issue of eight-year senior notes (Ba3/BB+) at par to yield 6 5/8% on Thursday, according to a market source.
The yield printed at the tight end of yield talk in the 6¾% area.
J.P. Morgan Securities LLC was the lead.
Demand for the paper was more than $600 million on Wednesday afternoon, according to a trader.
The Reading, Pa.-based provider of batteries and other stored energy solutions plans to use the proceeds to repay and retire a portion of its outstanding term loans, with the remaining proceeds to be used for general corporate purposes, including repayment of revolver debt.
Issuer: | EnerSys
|
Amount: | $300 million
|
Issue: | Senior notes
|
Maturity: | Jan. 15, 2032
|
Lead: | J.P. Morgan Securities LLC
|
Coupon: | 6 5/8%
|
Price: | Par
|
Yield: | 6 5/8%
|
Spread: | 264 bps
|
First call: | Jan. 15, 2027 at 103.313
|
Trade date: | Jan. 4
|
Settlement date: | Jan. 11
|
Ratings: | Moody’s: Ba3
|
| S&P: BB+
|
Distribution: | Rule 144A and Regulation S
|
Price talk: | 6¾% area
|
Marketing: | Roadshow
|
|
|
© 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.