By Andrea Heisinger
New York, Sept. 23 - Mattel, Inc. sold $500 million of senior unsecured notes (Baa2/BBB/BBB+) in two tranches on Thursday, said a source close to the sale.
The $250 million of 4.35% 10-year notes priced at 99.775 to yield 4.378% with a spread of Treasuries plus 182 basis points. This was below talk in the 200 bps area.
A second tranche was $250 million of 6.2% 30-year bonds priced at 99.419 to yield 6.243% with a spread of 250 bps over Treasuries. They priced tighter than guidance in the 262.5 bps area.
The notes feature a change-of-control put of 101.
Bank of America Merrill Lynch and RBS Securities ran the books.
Proceeds are going for general corporate purposes, including repayment of outstanding debt maturing in 2011.
The toy maker is based in El Segundo, Calif.
| Issuer: | Mattel, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $500 million
|
| Bookrunners: | Bank of America Merrill Lynch, RBS Securities
|
| Change-of-control put: | 101
|
| Trade date: | Sept. 23
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
|
|
| Ten-year notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2020
|
| Coupon: | 4.35%
|
| Price: | 99.775
|
| Yield: | 4.378%
|
| Spread: | Treasuries plus 182 bps
|
| Price talk: | 200 bps area
|
|
|
| Thirty-year notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2040
|
| Coupon: | 6.2%
|
| Price: | 99.419
|
| Yield: | 6.243%
|
| Spread: | Treasuries plus 250 bps
|
| Price talk: | 262.5 bps area
|
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