By Andrea Heisinger
New York, July 6 - Hillenbrand, Inc. sold $150 million of 5.5% 10-year senior unsecured notes on Tuesday to yield Treasuries plus 270 basis points, a market source said.
The notes (Baa3/BBB/) priced at 98.901 to yield 5.645%.
The notes have a make-whole call of Treasuries plus 40 bps and feature a change-of-control put of 101%.
J.P. Morgan Securities Inc. and Goldman Sachs & Co. were the bookrunners.
Proceeds are being used to repay a portion of the outstanding balance of a $400 million revolving credit facility and for general corporate purposes.
The issuer is a parent holding company for subsidiary Batesville Services Inc., which provides funeral home services and burial products. It is based in Batesville, Ind.
| Issuer: | Hillenbrand, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $150 million
|
| Maturity: | July 15, 2020
|
| Bookrunners: | J.P. Morgan Securities Inc., Goldman Sachs & Co.
|
| Coupon: | 5.5%
|
| Price: | 98.901
|
| Yield: | 5.645%
|
| Spread: | Treasuries plus 270 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | July 6
|
| Settlement date: | July 9
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
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