Sally Beauty to price $780 million eight-year notes on Wednesday; initial talk high 4% area

By Paul A. Harris

Portland, Ore., Dec. 8 – Sally Beauty Holdings, Inc. plans to price a $780 million public offering of eight-year senior notes in a Wednesday drive-by, according to market sources.

Initial guidance has the notes coming to yield in the high 4% area.

J.P. Morgan Securities LLC, BofA Securities Inc. and Truist Securities Inc. are the joint bookrunners.

The notes come with three years of call protection.

The issuing entity will be Sally Holdings LLC, a wholly owned subsidiary of Sally Beauty Holdings.

The Denton, Tex.-based beauty supplies company plans to use the proceeds to redeem the $679.96 million of its 5 5/8% senior notes due 2025 that are outstanding, at 101.875.

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