Diversey starts roadshow for $500 million eight-year notes; initial talk low-to-mid 5% area

By Paul A. Harris

Portland, Ore., Sept. 13 – Diversey Holdings Ltd. started a brief virtual roadshow for a $500 million offering of eight-year senior notes on Monday, according to market sources.

The notes are in the market with initial guidance in the low-to-mid 5% area, a trader said.

The roadshow runs through Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Goldman Sachs & Co. LLC is the left bookrunner. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Credit Suisse Securities (USA) LLC, BofA Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, HSBC Securities (USA) Inc., Truist Securities Inc., Jefferies LLC, PNC Capital Markets LLC, UBS Securities LLC and ING Financial Markets Inc. are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The issuing entity will be Diamond (BC) BV, an indirect, wholly owned subsidiary of Diversey.

The Fort Mill, S.C.-based hygiene and cleaning solutions company plans to use the proceeds plus new senior secured credit facilities and cash on hand to redeem all of its existing senior notes, to repay its term facility and for general corporate purposes.

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