Energizer intends to price $200 million tap of 6 3/8% notes due 2026 on Wednesday

By Paul A. Harris

Portland, Ore., April 15 – Energizer Holdings, Inc. plans to price a $200 million add-on to its 6 3/8% senior notes due July 15, 2026 (expected ratings B2/B+) in a Wednesday drive-by following a mid-morning conference call with investors, according to a market source.

Citigroup Global Markets Inc. is the lead bookrunner. BofA Securities Inc., J.P. Morgan Securities LLC, Barclays and MUFG are the joint bookrunners. Standard Chartered Bank and TD Securities (USA) LLC are the co-managers.

The Rule 144A and Regulation S notes become callable on July 15, 2021 at 103.188. They feature a 40% equity clawback at 106.375 until July 15, 2021 and a 101% poison put.

The St. Louis-based manufacturer of batteries and portable lighting products plans to use the proceeds to repay debt under its revolving credit facility.

The original $500 million issue priced in June 2018.

The Rule 144A add-on notes will immediately become fungible with the original notes. The Regulation S add-on notes will become fungible with the original notes following 40-day seasoning period.

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