Academy talks $400 million seven-year secured notes to yield 5¾%-6%; pricing Wednesday

By Paul A. Harris

Portland, Ore., Oct. 28 – Academy Ltd. talked its $400 million offering of seven-year senior secured notes (B2/B) to yield 5¾% to 6%, according to a syndicate source.

Books close at 12:30 p.m. ET on Wednesday, and the Rule 144A and Regulation S deal is set to price thereafter.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. KKR, J.P. Morgan Securities LLC, BofA Securities Inc., Capital One Securities Inc., Wells Fargo Securities LLC, U.S. Bancorp Investments Inc. and RF are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The Katy, Tex., sporting goods and outdoor recreation retailer plans to use the proceeds, along with its refinancing term loans and cash on hand, to repay its 2022 term loans.

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