Stericycle talks $550 million five-year notes to yield 5¼%-5½%; pricing Friday

By Paul A. Harris

Portland, Ore., June 6 – Stericycle, Inc. talked a $550 million split-rated offering of five-year senior notes (BBB-/BB+) to yield 5¼% to 5½%, according to market sources.

Official talk comes slightly wide to initial guidance in the low 5% area, a trader said.

Books close at noon ET on Friday, and the deal is set to price thereafter.

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.

© 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.