New Issue: Hasbro prices $500 million 3.5% notes due 2027 with 145 bps spread

By Cristal Cody

Tupelo, Miss., Sept. 8 – Hasbro, Inc. sold $500 million of 3.5% 10-year senior notes (Baa1/BBB/BBB+) on Friday on the tight side of talk at a spread of 145 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.874 to yield 3.515%.

The notes were talked to price in the Treasuries plus 150 bps area.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc. were the bookrunners.

Proceeds will be used to repay all $350 million of the company’s 6.3% notes due 2017 upon maturity on Sept. 15 and for general corporate purposes, including debt repayment and refinancing.

The toy and game company is based in Pawtucket, R.I.

Issuer:	Hasbro, Inc.
Amount:	$500 million
Description:	Senior notes
Maturity:	Sept. 15, 2027
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc.
Senior co-manager:	Citizens Capital Markets, Inc.
Co-managers:	ANZ Securities, Inc., BBVA Securities Inc., BNY Mellon Capital Markets, LLC, MUFG, Huntington Investment Co., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc.
Coupon:	3.5%
Price:	99.874
Yield:	3.515%
Spread:	Treasuries plus 145 bps
Call features:	Make-whole call at Treasuries plus 25 bps; on or after June 15, 2027 at par
Trade date:	Sept. 8
Settlement date:	Sept. 13
Ratings:	Moody’s: Baa1
	S&P: BBB
	Fitch: BBB+
Distribution:	SEC registered
Price talk:	Treasuries plus 150 bps area

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