Sally Beauty talks $300 million five-year notes to yield in 8¾% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., April 21 – Sally Beauty Holdings, Inc. talked its $300 million offering of five-year senior secured second-lien notes (Ba3/BB-) to yield in the 8¾% area, according to market sources.

Official talk comes tight to early expectations that the notes would yield in the high 8% area, a trader said.

BofA Securities Inc. is the left bookrunner. SunTrust Robinson Humphrey Inc. and J.P. Morgan Securities LLC are the joint bookrunners. UBS Securities LLC is the co-manager.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The issuing entities will be Sally Holdings LLC and Sally Capital Inc.

The Denton, Tex.-based retailer and distributor of professional beauty supplies plans to use the proceeds for working capital and general corporate purposes.

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