Stericycle starts roadshow for $550 million five-year senior notes; initial talk low 5% area

By Paul A. Harris

Portland, Ore., June 4 – Stericycle, Inc. started a roadshow on Tuesday for a $550 million offering of five-year senior notes (BBB-/BB+), according to market sources.

Initial talk has the deal coming with a yield in the low 5% area, a trader said.

An investor conference call was scheduled for 12:30 p.m. ET Tuesday afternoon.

The roadshow wraps up on Friday.

BofA Securities Inc. is the left bookrunner. HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, MUFG and SMBC Nikko Securities America Inc. are the joint bookrunners. BMO Securities and Citizens Capital Markets Inc. are the co-managers.

The notes become callable after two years at par plus 50% of the coupon and feature a 101% poison put.

Lake Forest, Ill.-based provider of specialized disposal services plans to use the proceeds, along with proceeds from its amended term loan, to repay or redeem all of its outstanding private placement notes, with any remaining proceeds to be used for general corporate purposes.

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