Yankee Candle to price quick-to-market sale of $450 million five-year notes Thursday

By Paul A. Harris

Portland, Ore., June 12 - Yankee Candle Co. plans to price a $450 million offering of five-year senior notes (/CCC+/) on Thursday, according to an informed source.

Initial whisper has the deal coming with a yield in the low-to-mid 7% range, according to an investor.

Barclays and BofA Merrill Lynch are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes will be immediately callable at 101.5 and will subsequently become callable at par plus 50% of the coupon after two years, par plus 25% of the coupon after three years, and at par after four years.

Proceeds, together with a $950 million term loan, will be used to fund a distribution to equityholders and to refinance all existing debt.

Yankee Candle is a South Deerfield, Mass.-based designer, manufacturer, wholesaler and retailer of scented candles.

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