Published on 11/18/2019 in the Prospect News High Yield Daily.
New Issue: Mattel prices $600 million 5 7/8% eight-year guaranteed notes at 99.203 to yield 6%
By Paul A. Harris
Portland, Ore., Nov. 18 – Mattel, Inc. priced $600 million of 5 7/8% eight-year senior guaranteed notes (B1/BB-) at 99.203 to yield in 6% in a Monday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 6% area and tight to initial guidance in the low 6% area.
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 manufacturer plans to use the proceeds plus cash on hand to redeem all of its 4.35% senior notes due 2020 and 2.35% senior notes due 2021.
| Issuer: | Mattel, Inc.
|
| Amount: | $600 million
|
| Maturity: | Dec. 15, 2027
|
| Securities: | Senior guaranteed 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: | 5 7/8%
|
| Price: | 99.203
|
| Yield: | 6%
|
| Spread: | 425 bps
|
| First call date | Dec. 15, 2022
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% area
|
| Marketing: | Quick to market
|
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