Energizer driving by with $800 million senior notes due 2029; initial guidance 4 5/8% area

By Paul A. Harris

Portland, Ore., Sept. 16 – Energizer Holdings, Inc. plans to price an $800 million offering of senior notes due 2029 (existing ratings B2/B+) following a mid-morning conference call with investors, according to market sources.

Initial guidance has the notes coming with a yield in the 4 5/8% area.

BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays and MUFG are the joint bookrunners.

Standard Chartered Bank, TD Securities (USA) LLC and Siebert Williams Shank & Co. LLC are the co-managers.

The Rule 144A and Regulation S notes, which have a tenor of 8.5 years, become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The St. Louis-based battery manufacturer plans to use the proceeds to redeem its dollar-denominated senior notes maturing in 2026.

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