By Paul A. Harris
Portland, Ore., Feb. 25 – Edgewell Personal Care Co. priced a $500 million issue of eight-year senior notes (Ba3/BB) at par to yield 4 1/8% in a Thursday drive-by, according to market sources.
The yield printed in the middle of the 4% to 4¼% yield talk. Initial guidance was in the low 4% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Barclays, MUFG, TD Securities (USA) LLC and Goldman Sachs & Co. LLC.
The Shelton, Conn.-based consumer products company plans to use the proceeds to pay off its 4.7% senior notes due 2022.
Issuer: | Edgewell Personal Care Co.
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Amount: | $500 million
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Maturity: | April 1, 2029
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Securities: | Senior notes
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Left bookrunner: | BofA Securities Inc.
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Joint bookrunners: | Barclays, MUFG, TD Securities (USA) LLC and Goldman Sachs & Co. LLC
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Co-managers: | J.P. Morgan Securities LLC, Siebert Williams Shank & Co. LLC and Standard Chartered Bank
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Coupon: | 4 1/8%
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Price: | Par
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Yield: | 4 1/8%
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Spread: | 282 bps
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Call protection: | Three years
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Trade date: | Feb. 25
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Settlement date: | March 8
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Ratings: | Moody's: Ba3
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| S&P: BB
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Distribution: | Rule 144A and Regulation S
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Price talk: | 4% to 4¼%
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Marketing: | Drive-by
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