Energizer to price $600 million eight-year notes on Wednesday; initial talk low-5% area

By Paul A. Harris

Portland, Ore., June 17 – Energizer Holdings, Inc. plans to price a $600 million offering of eight-year senior notes (expected ratings B2/B+) in a Wednesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial talk has the notes coming to yield in the low-5% area, a trader said.

Citigroup Global Markets Inc. is leading the deal. 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 for life notes become callable after three years at par plus 50% of the coupon.

The St. Louis-based battery manufacturer plans to use the proceeds, together with cash on hand, to repurchase Energizer’s 5˝% senior notes due 2025.

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