By Andrea Heisinger
New York, May 8 - Hasbro, Inc. priced an upsized $425 million 6.125% five-year senior unsecured notes Friday to yield Treasuries plus 400 basis points, a market source said.
The size was originally $400 million, they said.
The notes (Baa2/BBB/BBB+) priced at 99.931 to yield 6.141% with a make-whole call at Treasuries plus 50 bps.
The notes feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC and RBS Securities Inc.
Co-managers were Barclays Capital Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets, Citigroup Global Markets Markets Inc., Commerzbank Capital Markets, Morgan Stanley & Co. Inc. and Scotia Capital.
Up to $300 million of the proceeds will be used to pay the purchase price for a 50% interest in a joint venture with Discovery, and up to $15 million will be used to fund the joint venture's future cash flow needs.
The game and toy company is based in Pawtucket, R.I.
| Issuer: | Hasbro, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $425 million, increased from $400 million
|
| Maturity: | May 15, 2014
|
| Bookrunners: | Banc of America Securities LLC, RBS Securities Inc.
|
| Co-managers: | Barclays Capital Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets, Citigroup Global Markets Inc., Commerzbank Capital Markets, Morgan Stanley & Co. Inc., Scotia Capital
|
| Coupon: | 6.125%
|
| Price: | 99.931
|
| Yield: | 6.141%
|
| Spread: | Treasuries plus 400 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 8
|
| Settlement date: | May 13
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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