By Abigail W. Adams
Portland, Me., Dec. 9 – EnerSys Inc. priced $300 million of eight-year senior bullet notes (expected ratings Ba3/BB+) at par to yield 4 3/8% on Monday, according to a company news release.
Pricing came on the tight end of official price talk in the 4½% area, according to a market source.
Initial talk had the deal coming to yield in the 4½% to 4¾% area.
J.P. Morgan Securities LLC is managing the sale.
Proceeds will be used to pay a portion of the company’s borrowings under its revolving credit facility.
EnerSys is a Reading, Pa.-based battery maker.
| Issuer: | EnerSys Inc.
|
| Amount: | $300 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Trade date: | Dec. 9
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 ½% area; initial talk 4½% to 4¾% area
|
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