Sally Beauty sets price talk for $710 million two-part note offering

By Paul A. Harris

St. Louis, Nov. 8 - Sally Holdings LLC talked its $710 million two-part note offering on Wednesday, according to a market source.

The Melrose Park, Ill.-based beauty supplies company talked its $430 million tranche of eight-year senior unsecured notes (B2/CCC+) at 9¼% to 9½% and its $280 million tranche of 10-year senior subordinated notes (Caa1/CCC+) to price 125 basis points behind the senior notes.

Pricing is expected on Friday.

Merrill Lynch & Co., Banc of America Securities LLC, JP Morgan and Morgan Stanley are joint bookrunners for the notes, which are being marketed via Rule 144A with registration rights.

Proceeds will be used to help fund the special cash dividend that Sally Beauty will be paying Alberto-Culver as part of the spinoff of Alberto-Culver's Sally/BSG Distribution business.

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