By Paul A. Harris
Portland, Ore., April 9 – EnerSys priced a $300 million issue of non-callable eight-year senior notes (Ba2/BB+) at par to yield 5% on Thursday, according to an informed source.
The yield printed at the tight end of the 5% to 5¼% yield talk.
Goldman Sachs & Co. was the left bookrunner. BofA Merrill Lynch and Wells Fargo Securities LLC were joint bookrunners.
The Reading, Pa.-based manufacturer, marketer and distributor of industrial batteries plans to use the proceeds to repay its convertible notes in full, as well as to pay down its revolving credit facility and/or for general corporate purposes.
| Issuer: | EnerSys
|
| Amount: | $300 million
|
| Maturity: | April 30, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC
|
| Co-managers: | TD Securities, MUFG, HSBC
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Call protection: | Par call three months prior to maturity, otherwise non-callable
|
| Trade date: | April 9
|
| Settlement date: | April 23
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% to 5¼%
|
| Marketing: | Quick to market
|
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