Hillenbrand tightens talk on upsized $400 million of five-year notes to 5¾%; pricing Tuesday

By Paul A. Harris

Portland, Ore., June 9 – Hillenbrand, Inc. tightened price talk on its upsized $400 million offering of five-year senior notes (Ba1/BB+/BB+) to 5¾% from earlier talk in the 6% area, according to market sources.

Initial talk was in the low-to-mid 6% area.

The deal is set to price Tuesday morning.

HSBC Securities (USA) Inc., Citizens Capital Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC are the joint bookrunners for the public offering.

BMO Capital Markets Corp., Commerzbank Capital Markets Corp., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Fifth Third Securities Inc., SunTrust Robinson Humphrey Inc., CJS, D.A. Davidson & Co., Santander Investment Securities Inc. and SEB are the co-managers.

The notes come with two years of call protection and feature a 40% equity clawback at par plus the coupon during the non-call period.

The Batesville, Ind.-based diversified industrial company plans to use the proceeds for general corporate purposes, including debt repayment.

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