Carter's talks $400 million senior notes due 2021 at 5¼%-5½%; books close Wednesday

By Aleesia Forni

Virginia Beach, Va., Aug. 7 - The William Carter Co., a wholly owned subsidiary of Carter's, Inc., has set price talk for its planned $400 million offering of senior notes (Ba2/BB+) due 2021 at 5¼% to 5½%, according to an informed source.

Books close on Wednesday at 3:30 p.m. ET.

The notes will be non-callable for four years.

BofA Merrill Lynch is the left bookrunner, while J.P. Morgan Securities LLC is a joint bookrunner.

The notes feature a 101% change-of-control put and an equity clawback of up to 35%.

Carter's plans to use the proceeds from the Rule 144A with registration rights deal for share repurchases, dividends and other general corporate purposes.

Carter's is an Atlanta-based branded marketer of apparel for babies and young children.

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