By Andrea Heisinger
New York, March 8 - Hasbro, Inc. priced an upsized $500 million of 6.35% 30-year senior unsecured bonds on Monday to yield 170 basis points over Treasuries, a source close to the offering said.
The size was initially $400 million, the source said.
The notes (Baa2/BBB/BBB+) were priced at 99.613 to yield 6.379%.
The notes have a make-whole call at Treasuries plus 25 bps and feature a change-of-control put of 101%.
Bank of America Merrill Lynch and Citigroup Global Markets Inc. ran the books.
Proceeds will be used to replace outstanding 2.75% convertible notes due 2021 in a share repurchase.
The toy and game company is based in Pawtucket, R.I.
| Issuer: | Hasbro, Inc.
|
| Issue: | Senior unsecured bonds
|
| Amount: | $500 million, upsized from $400 million
|
| Maturity: | March 15, 2040
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc.
|
| Coupon: | 6.35%
|
| Price: | 99.613
|
| Yield: | 6.379%
|
| Spread: | Treasuries plus 170 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | March 8
|
| Settlement date: | March 11
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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