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Hillenbrand to sell $500 million five-year senior notes on Wednesday
By Paul A. Harris
Portland, Ore., Feb. 7 – Hillenbrand, Inc. plans to price a $500 million public offering of five-year senior notes (Ba1/BB+) in a Wednesday drive-by trailing a conference call with investors, according to market sources.
Initial guidance has the notes coming to yield in the 6½% area, a trader said.
The notes become subject to an initial call after two years at par plus 50% of the coupon.
Left bookrunner HSBC Securities (USA) Inc. will bill and deliver. J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and Morgan Stanley & Co. LLC are joint bookrunners.
BofA Securities Inc., BMO Capital Markets Corp., Citizens JMP Securities LLC, Commerz Markets LLC, PNC Capital Markets LLC, SMBC Nikko Securities America Inc., Truist Securities Inc., CJS Securities Inc., C.L. King & Associates Inc., D.A. Davidson & Co., DZ Financial Markets LLC, SEB Securities Inc., Sidoti & Co. LLC and UniCredit Capital Markets LLC are the co-managers.
U.S. Bank Trust Co., NA is the trustee.
Counsel to the issuer is provided by Skadden, Arps, Slate, Meagher & Flom LLP and Ice Miller LLP. Latham and Watkins, LLP is counsel to the underwriters.
The Batesville, Ind.-based diversified industrial company plans to use the proceeds to repay debt under its revolver, without a reduction in commitment, and may use any remaining proceeds for general corporate purposes, including repayment of other debt.
Hillenbrand is a provider of highly engineered, mission-critical, processing equipment and systems, serving industry sectors including durable plastics, food and recycling.
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