By Andrea Heisinger
New York, March 8 - Hasbro, Inc. priced an upsized $500 million of 6.35% 30-year senior unsecured bonds on Monday to yield 170 basis points over Treasuries, a source close to the offering said.
The size was initially $400 million, the source said.
The notes (Baa2/BBB/BBB+) were priced at 99.613 to yield 6.379%.
The notes have a make-whole call at Treasuries plus 25 bps and feature a change-of-control put of 101%.
Bank of America Merrill Lynch and Citigroup Global Markets Inc. ran the books.
Proceeds will be used to replace outstanding 2.75% convertible notes due 2021 in a share repurchase.
The toy and game company is based in Pawtucket, R.I.
Issuer: | Hasbro, Inc.
|
Issue: | Senior unsecured bonds
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Amount: | $500 million, upsized from $400 million
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Maturity: | March 15, 2040
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Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc.
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Coupon: | 6.35%
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Price: | 99.613
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Yield: | 6.379%
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Spread: | Treasuries plus 170 bps
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Call: | Make-whole at Treasuries plus 25 bps
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Change-of-control put: | 101%
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Trade date: | March 8
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Settlement date: | March 11
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Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB
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| Fitch: BBB+
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