Published on 8/1/2019 in the Prospect News High Yield Daily.
New Issue: Mattel prices $250 million eight-year notes at par to yield 6%
By Paul A. Harris
Portland, Ore., Aug. 1 – Mattel, Inc. priced a $250 million issue of eight-year senior guaranteed notes (B1/BB-) at par to yield 6% in a Thursday drive-by, according to a syndicate source.
The yield printed at the tight end of the 6% to 6¼% yield talk.
BofA Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC, Mizuho Securities USA Inc., MUFG, RBC Capital Markets LLC and HSBC Securities (USA) Inc. were the joint bookrunners.
The El Segundo, Calif.-based toy and game manufacturer plans to use the proceeds, plus cash on hand, to pay off its 4.35% senior notes due 2020.
| Issuer: | Mattel, Inc.
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC, Mizuho Securities USA Inc., MUFG, RBC Capital Markets LLC and HSBC Securities (USA) Inc.
|
| Co-managers: | Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and KeyBanc Capital Markets LLC
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 417 bps
|
| Call protection: | Three years
|
| Trade date: | Aug. 1
|
| Settlement date: | Aug. 8
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Quick to market
|
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