Hillenbrand driving by with $350 million 10-year senior notes; initial talk high 3% to 4% area

By Paul A. Harris

Portland, Ore., Feb. 24 – Hillenbrand, Inc. plans to price a $350 million public offering of 10-year senior notes (Ba1/BB+) in a Wednesday drive-by trailing a late-morning conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the high 3% to 4% area, a trader said.

Left lead bookrunner HSBC Securities (USA) Inc. will bill and deliver. J.P. Morgan Securities LLC and Commerz Markets LLC are joint bookrunners.

PNC Capital Markets LLC, Citizens Capital Markets Inc., BMO Capital Markets Corp., Wells Fargo Securities LLC, SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., Truist Securities Inc., Fifth Third Securities Inc., DZ Financial Markets LLC, Santander Investment Securities Inc., SEB, CJS Securities Inc., D.A. Davidson & Co., Barrington Research Associates Inc. and Sidoti & Co. LLC are the co-managers.

The notes come with five years of call protection and feature a three-year 40% equity clawback at par plus the coupon.

The Batesville, Ind.-based diversified industrial company plans to use the proceeds for general corporate purposes, including debt repayment.

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