By Paul A. Harris
Portland, Ore., June 11 – Men’s Wearhouse priced a $600 million issue of eight-year senior notes (B2/B-) at par to yield 7% on Wednesday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 7 1/8% area.
BofA Merrill Lynch was the left bookrunner. J.P. Morgan Securities LLC was the joint bookrunner.
Proceeds will be used to help fund the purchase of Jos. A. Bank Clothiers, a Hampstead, Md.-based designer, manufacturer and retailer of men’s apparel, footwear and accessories.
Men’s Wearhouse is a Fremont, Calif.-based specialty retailer of men’s apparel.
| Issuer: | Men’s Wearhouse, Inc.
|
| Amount: | $600 million
|
| Maturity: | July 1, 2022
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
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| Joint bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 461 bps
|
| First call: | July 1, 2017 at 105.25
|
| Trade date: | June 11
|
| Settlement date: | June 18
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 7 1/8% area
|
| Marketing: | Roadshow
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