By Paul A. Harris
Portland, Ore., Sept. 15 – Diversey Holdings Ltd. priced a vastly oversubscribed $500 million issue of eight-year senior notes (Caa1/B) at par to yield 4 5/8% on Wednesday, according to market sources.
The yield printed at the tight end of yield talk in the 4¾% area. Initial guidance was in the low-to-mid 5% area.
Investors heaped on orders for the notes resulting in a book that ended up being around 10-times the size of the deal, a trader said.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were 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.
The issuing entity is 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.
| Issuer: | Diamond (BC) BV
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| Amount: | $500 million
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| Maturity: | Oct. 1, 2029
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| Securities: | Senior notes
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| Left bookrunner: | Goldman Sachs & Co. LLC
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| Joint bookrunners: | 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.
|
| Coupon: | 4 5/8%
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| Price: | Par
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| Yield: | 4 5/8%
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| Spread: | 348 bps
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| First call: | Oct. 1, 2024 at 102.313
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| Trade date: | Sept. 15
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| Settlement date: | Sept. 29
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| Ratings: | Moody's: Caa1
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| S&P: B
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| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% area
|
| Marketing: | Roadshow
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