New Issue: Elizabeth Arden prices $100 million tap of 7 3/8% notes at 106.75 to yield 5.614%

By Paul A. Harris

Portland, Ore., Jan. 27 - Elizabeth Arden, Inc. priced a $100 million add-on to its 7 3/8% senior notes due March 15, 2021 (B1/BB-) at 106.75 to yield 5.614% on Monday, according to a market source.

The reoffer price came at the cheap end of the 106.75 to 107.25 price talk.

J.P. Morgan Securities LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the active bookrunners for the quick-to-market deal. HSBC Securities was the passive bookrunner.

The Miramar, Fla.-based beauty products company plans to use the proceeds to repay debt.

Issuer:	Elizabeth Arden, Inc.
Face amount:	$100 million
Proceeds:	$107 million
Maturity:	March 15, 2021
Security description:	Add-on to the 7 3/8% senior notes due March 15, 2021
Active bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC
Passive bookrunner:	HSBC Securities
Coupon:	7 3/8%
Price:	106.75
Yield to worst:	5.614%
Spread:	341 bps
First call date:	March 15, 2016
Trade date:	Jan. 27
Settlement date:	Jan. 30 with accrued interest
Rating:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	106.75 to 107.25
Marketing:	Quick to market
Original issue:	$250 million priced at par in January 2011
Fungibility:	Upon registration the add-on notes will be fungible with the existing notes
Total issue size:	$350 million

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