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Mattel talks $500 million tap of 6¾% notes due 2025 at 96.5 area; pricing Wednesday
By Paul A. Harris
Portland, Ore., May 22 – Mattel, Inc. talked a $500 million add-on to its 6¾% senior notes due Dec. 31, 2025 (B1/BB-/BB) in the 96.5 area, rich to earlier guidance in the 96.25 area, a market source said on Tuesday.
Books close at 11 a.m. ET on Wednesday, and the Rule 144A and Regulation S offering is set to price thereafter.
BofA Merrill Lynch is leading the deal.
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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