Published on 12/8/2016 in the Prospect News High Yield Daily.
New Issue: ACCO Brands prices $400 million eight-year notes at par to yield 5¼%
By Paul A. Harris
Portland, Ore., Dec. 8 – ACCO Brands Corp. priced a $400 million issue of eight-year senior notes (B1/BB-/BB) at par to yield 5¼% on Thursday, according to a market source.
The yield printed at the tight end of the 5¼% to 5½% yield talk.
Barclays was the lead left bookrunner. BMO Securities, BofA Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunners.
The Lake Zurich, Ill.-based office products manufacturer plans to use the proceeds to refinance its 6¾% senior notes due 2020.
| Issuer: | ACCO Brands Corp.
|
| Amount: | $400 million
|
| Maturity: | Dec. 15, 2024
|
| Securities: | Senior notes
|
| Lead left bookrunner: | Barclays
|
| Joint bookrunners: | BMO Securities, BofA Merrill Lynch, Wells Fargo Securities LLC
|
| Lead managers: | KeyBanc Capital Markets, BBVA Securities Inc., PNC Capital Markets LLC
|
| Co-managers: | Barrington, SunTrust Robinson Humphrey Inc., Sidoti
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| First call: | Dec. 15, 2019 at 103.938
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 22
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¼% to 5½%
|
| Marketing: | Quick to market
|
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