By Paul A. Harris
Portland, Ore., Sept. 27 – Acushnet Holdings Corp. priced a $350 million issue of five-year senior notes (Ba3/BB) at par to yield 7 3/8% on Wednesday, according to market sources.
The yield printed 12.5 basis points inside of the 7½% to 7¾% yield talk. Early guidance was in the high-7% to 8% area.
The deal was heard to be playing to $1.75 billion of demand across 100 accounts at mid-morning on Wednesday, according to a trader.
Joint bookrunners were J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities Inc., Citigroup Global Markets Inc. and BMO Capital Markets Corp.
The notes were sold via issuer Acushnet Co.
The Fairhaven, Mass.-based supplier of golfing products plans to use the proceeds to repay debt under its revolving credit facility.
| Issuer: | Acushnet Co.
|
| Amount: | $350 million
|
| Issue: | Senior notes
|
| Maturity: | Oct. 15, 2028
|
| Joint bookrunners: | J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities Inc., Citigroup Global Markets Inc. and BMO Capital Markets Corp.
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| First call: | Oct. 15, 2026 at 103.688
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 3
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% to 7¾%
|
| Marketing: | Roadshow
|
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