By Cristal Cody
Tupelo, Miss., April 10 – Darden Restaurants, Inc. priced $500 million of 3.85% 10-year senior notes (Baa3/BBB/BBB) on Monday at 99.957 to yield 3.855%, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of 150 basis points over Treasuries.
BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC, Fifth Third Securities Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
The notes were sold in connection with the company’s planned merger with Cheddar’s Restaurant Holding Corp.
The notes feature a make-whole call and then a par call. There is also a mandatory call at 101 if the merger is not completed.
Proceeds will be used for the merger.
Darden is an Orlando, Fla.-based casual dining operator
Issuer: | Darden Restaurants, Inc.
|
Amount: | $500 million
|
Description: | Senior notes
|
Maturity: | May 1, 2027
|
Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC, Fifth Third Securities Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
|
Co-managers: | Mizuho Securities USA LLC and Deutsche Bank Securities Inc.
|
Coupon: | 3.85%
|
Price: | 99.957
|
Yield: | 3.855%
|
Spread: | Treasuries plus 150 bps
|
Call features: | Make-whole call before Feb. 1, 2027 at greater of par and Treasuries plus 25 bps; thereafter at par; special call at 101 before Sept. 23, 2017 if merger not completed
|
Change-of-control put: | 101%
|
Trade date: | April 10
|
Settlement date: | April 18
|
Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.