Kontoor Brands to price $400 million eight-year notes on Wednesday; initial talk mid-4% area

By Paul A. Harris

Portland, Ore., Nov. 9 – Kontoor Brands, Inc. plans to price a $400 million offering of eight-year senior notes (S&P: BB-) on Wednesday, according to market sources.

Initial guidance has the notes coming to yield in the mid-4% area.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S deal.

The notes come with three years of call protection.

The Greensboro, N.C.-based apparel company plans to use the proceeds plus cash on hand to pay off the $133 million outstanding under its term loan B and partially repay the $265 million outstanding under its term loan A.

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