Sally Beauty to sell $750 million 10-year notes in Wednesday drive-by whispered in high 5% range

By Paul A. Harris

Portland, Ore., Nov. 18 – Sally Beauty Holdings, Inc. plans to price a $750 million offering of 10-year senior notes (Ba2) on Wednesday, according to market sources.

The public offering is in the market with yield guidance in the high 5% range, a trader said.

BofA Merrill Lynch, 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 feature a make-whole call for the first five years, then become callable at a premium.

The Denton, Texas-based company plans to use the proceeds, together with cash on hand and/or additional borrowings, to redeem all $750 million of its 6 7/8% senior notes due 2019.

The issuing entities will be Sally Holdings LLC and Sally Capital Inc., indirect wholly owned subsidiaries of Sally Beauty.

The company is a retailer and distributor of professional beauty supplies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.