New Issue: Hillenbrand prices $350 million 10-year notes at par to yield 3¾%

By Paul A. Harris

Portland, Ore., Feb. 24 – Hillenbrand, Inc. priced a $350 million issue of 10-year senior notes (Ba1/BB+) at par to yield 3¾% in a Wednesday drive-by, according to market sources.

The yield printed in the middle of yield talk in the 3¾% area. Initial guidance was in the high 3% to 4% area.

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

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

Issuer:	Hillenbrand, Inc.
Amount:	$350 million
Maturity:	March 1, 2031
Securities:	Senior notes
Left lead bookrunner:	HSBC Securities (USA) Inc. (bill and deliver)
Joint bookrunners:	J.P. Morgan Securities LLC and Commerz Markets LLC
Co-managers:	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
Coupon:	3¾%
Price:	Par
Yield:	3¾%
Spread:	237 bps
First call:	March 1, 2026 at 101.875
Trade date:	Feb. 24
Settlement date:	March 3
Ratings:	Moody’s: Ba1
	S&P: BB+
Distribution:	SEC registered
Price talk:	3¾% area
Marketing:	Drive-by

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