Energizer starts roadshow for $600 million eight-year notes offer; initial talk 8%-8¼%

By Paul A. Harris

Portland, Ore., Jan. 16 – Energizer Holdings, Inc. began a two-day roadshow on Wednesday in New York for a $600 million offering of eight-year senior notes (B2/B+), according to market sources.

The roadshow moves to Boston on Thursday.

Initial price talk is 8% to 8¼%, a bond investor said.

Further details on the timing of the deal were pending at press time.

Citigroup Global Markets Inc. is the lead bookrunner for the Rule 144A and Regulation S for life offering. Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch and MUFG are the joint bookrunners.

Standard Chartered and TD Securities are the co-managers.

The notes become callable at par plus 50% of the coupon after three years. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The St. Louis-based manufacturer and distributor of consumer products plans to use the proceeds to help fund the acquisition of Spectrum Brands’ Global Auto Care business.

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