BellRing Distribution starts roadshow for $840 million 10-year notes; initial talk 7% area

By Paul A. Harris

Portland, Ore., Feb. 22 – BellRing Distribution, LLC began a brief roadshow on Tuesday for an $840 million offering of 10-year senior notes (B3/B), according to market sources.

The deal, which was set to kick off on a Tuesday conference call with investors, is in the market with initial guidance in the 7% area and is expected to price on Thursday.

J.P. Morgan Securities LLC, Barclays, BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with five years of call protection.

The notes are being offered in connection with Post Holdings, Inc.’s anticipated spinoff of 80.1% of its interest in New BellRing to Post shareholders.

In addition to market conditions, completion of the notes offering is conditioned upon the substantially concurrent completion of the spinoff and the related merger of a subsidiary of New BellRing into BellRing Brands, Inc.

Post will pay some of the proceeds to existing lenders in a debt-for-debt exchange, with remaining proceeds to be used to refinance BellRing debt and fund a distribution to existing BellRing stockholders in connection with the merger.

BellRing Distribution is a St. Louis-based holding company operating in the global convenient nutrition category, offering ready-to-drink shake and powder protein products.

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