Energizer sets tight-to-guidance price talk in $1.25 billion dual currency deal; pricing Thursday

By Paul A. Harris

Portland, Ore., June 20 – Energizer Holdings Inc. set tight-to-guidance price talk in its $1.25 billion equivalent two-part offering of eight-year senior notes (B2/BB-) on Wednesday, according to market sources.

The Energizer Gamma Acquisition BV €650 million tranche is talked in the 4¾% area, tight to initial guidance of 4¾% to 5%.

The Energizer Gamma Acquisition, Inc. $500 million tranche is talked in the 6½% area, tight to initial guidance of 6½% to 6¾%.

Timing has books for the dollar-denominated tranche closing at 4 p.m. ET on Wednesday and books for the euro-denominated tranche closing at 5 a.m. ET on Thursday.

Both tranches are scheduled to price Thursday afternoon, New York time.

Joint bookrunner Barclays will bill and deliver. J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., MUFG, TD Securities and Standard Chartered Bank are also joint bookrunners.

The St. Louis-based manufacturer of batteries and portable lighting products plans to use the proceeds to support its acquisition of Spectrum Brands' global batteries and portable lighting businesses.

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