By Cristal Cody
Tupelo, Miss., Oct. 27 – Acuity Brands Lighting, Inc. priced an upsized $500 million of 2.15% 10-year guaranteed notes (Baa1/BBB) on Tuesday at 99.737 to yield 2.179%, or a Treasuries plus 140 basis points spread, according a market source and an FWP filing with the Securities and Exchange Commission.
The notes were talked to print in the Treasuries plus 150 bps to 162.5 bps area.
The deal was upsized from $400 million.
BofA Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
The notes are guaranteed by Acuity Brands, Inc. and ABL IP Holding LLC.
Proceeds will be used to prepay all of the debt under the company’s term loan facility and for general corporate purposes.
Acuity is an Atlanta-based lighting fixtures company.
| Issuer: | Acuity Brands Lighting, Inc.
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| Guarantors: | Acuity Brands, Inc. and ABL IP Holding LLC
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| Amount: | $500 million
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| Description: | Notes
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| Maturity: | Dec. 15, 2030
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| Bookrunners: | BofA Securities Inc. and J.P. Morgan Securities LLC
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| Co-managers: | KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc., HSBC Securities (USA) Inc. and TD Securities (USA) LLC
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| Coupon: | 2.15%
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| Price: | 99.737
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| Yield: | 2.179%
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| Spread: | Treasuries plus 140 bps
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| Cal features: | Make-whole call before Sept. 15, 2030 at Treasuries plus 25 bps; thereafter at par
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| Trade date: | Oct. 27
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| Settlement date: | Nov. 10
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| Ratings: | Moody’s: Baa1
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| S&P: BBB
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 150 bps-162.5 bps area
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