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Hillenbrand to price $300 million five-year notes on Tuesday; initial talk low-to-mid 6% area
By Paul A. Harris
Portland, Ore., June 8 – Hillenbrand, Inc. plans to price a $300 million offering of five-year senior notes (expected ratings Ba1/BB+/BB+) on Tuesday, according to market sources.
The notes are set to be shopped by means of an investor conference call.
Initial talk has the notes coming to yield in the low-to-mid 6% area, a trader said.
HSBC Securities (USA) Inc., Citizens Capital Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC are the joint bookrunners for the public offering.
BMO Capital Markets Corp., Commerzbank Capital Markets Corp., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Fifth Third Securities Inc., SunTrust Robinson Humphrey Inc., CJS, D.A. Davidson & Co., Santander Investment Securities Inc. and SEB are the co-managers.
The notes come with two years of call protection and feature a 40% equity clawback at par plus the coupon during the non-call period.
The Batesville, Ind.-based diversified industrial company plans to use the proceeds for general corporate purposes, including debt repayment.
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