By Paul A. Harris
Portland, Ore., June 17 – Energizer Holdings, Inc. priced a $600 million issue of eight-year senior notes (B2/B+) at par to yield 4¾% in a Wednesday drive-by, according to market sources.
The yield printed at the tight end of the 4¾% to 5% yield talk. Initial talk was in the low-5% area.
Joint bookrunners for the Rule 144A and Regulation S issue were Citigroup Global Markets Inc. (lead), BofA Securities Inc., J.P. Morgan Securities LLC, Barclays and MUFG.
Standard Chartered Bank, TD Securities (USA) LLC and SWS are the co-managers.
The St. Louis-based battery manufacturer plans to use the proceeds, together with cash on hand, to repurchase Energizer’s 5½% senior notes due 2025.
| Issuer: | Energizer Holdings, Inc.
|
| Amount: | $600 million
|
| Maturity: | June 15, 2028
|
| Securities: | Senior notes
|
| Lead: | Citigroup
|
| Joint bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, Barclays and MUFG
|
| Co-managers: | Standard Chartered Bank, TD Securities (USA) LLC and SWS
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 420 bps
|
| First call: | June 15, 2023 at 102.375
|
| Trade date: | June 17
|
| Settlement date: | July 1
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Drive-by
|
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