Kontoor Brands talks $400 million eight-year senior notes in 4¼% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., Nov. 10 – Kontoor Brands, Inc. talked its $400 million offering of eight-year senior notes (Ba3/BB-) to yield in the 4¼% area, according to market sources.

Official talk comes slightly inside of initial guidance in the mid-4% area.

Pricing is set for Wednesday.

The deal was heard to be playing to $920 million of demand on Wednesday morning.

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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