Sally Beauty to sell $200 million 10-year notes in Thursday drive-by

By Paul A. Harris

Portland, Ore., Oct. 24 - Sally Beauty Holdings, Inc. plans to price a $200 million offering of 10-year senior notes (existing ratings Ba2/BB+) Thursday following a late-morning investor call, according to a syndicate source.

BofA Merrill Lynch is the left bookrunner for the public offering. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and RBC Capital Markets are the joint bookrunners.

The notes come with five years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

The Denton, Texas-based specialty retailer and distributor of professional beauty supplies plans to use the proceeds to repay in full the outstanding borrowings under its ABL facility and for general corporate purposes.

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