By Paul A. Harris
Portland, Ore., Aug. 6 – Vista Outdoor, Inc. priced an upsized $350 million issue of eight-year senior notes (Ba3/BB+) at par to yield 5 7/8% on Thursday, according to an informed source.
The deal size was increased from $300 million.
The yield printed at the tight end of yield talk in the 6% area and inside of the 6% to 6¼% initial guidance.
Morgan Stanley & Co. LLC ran the books.
The Clearfield, Utah-based outdoor sports and recreation merchandise company plans to use the proceeds to pay down its revolver and for general corporate purposes.
The additional proceeds resulting from the $50 million upsizing of the issue will be used to pay down revolver debt.
| Issuer: | Vista Outdoor Inc.
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | Oct. 1, 2023
|
| Securities: | Senior notes
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Call: | Make-whole call at Treasuries plus 50 bps until Oct. 1, 2018, then callable at 104.406
|
| Equity clawback: | 35% at 105.875 until Oct. 1, 2018
|
| Trade date: | Aug. 6
|
| Settlement date: | Aug. 11
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6% area
|
| Marketing: | Roadshow
|
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