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Mattel expected to price $500 million tap of 6¾% notes on Wednesday; initial talk in 96.25 area
By Paul A. Harris
Portland, Ore., May 21 – Mattel, Inc. plans to price a $500 million add-on to its 6¾% senior notes due Dec. 31, 2025 (existing ratings Ba3/BB-) on Wednesday, according to a market source.
Initial price talk is in the 96.25 area, the source added.
BofA Merrill Lynch is leading the Rule 144A and Regulation S offering.
Call protection on the notes ends Dec. 31, 2020.
The El Segundo, Calif.-based toy manufacturer plans to use the proceeds, plus cash on hand, to pay off its 2.35% senior notes due 2019.
The original $1 billion issue priced at par on Dec. 15, 2017.
The add-on notes will become fungible with the original notes.
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