New Issue: JohnsonDiversey prices $400 million 8¼% 10-year notes at 99.17 to yield 8 3/8%

By Paul A. Harris

St. Louis, Nov. 19 - JohnsonDiversey, Inc. priced a $400 million issue of 8¼% 10-year senior unsecured notes (B3/B-/) at 99.17 to yield 8 3/8% on Thursday, according to informed sources.

The yield printed at the tight end of the 8½% area price talk.

Goldman Sachs & Co. was the left bookrunner. Citigroup Global Markets Inc., Barclays Capital Inc., HSBC Securities and J.P. Morgan Securities Inc. were joint bookrunners.

Proceeds, together with new credit facilities, will be used to fund recapitalization transactions, including the repurchase or redemption of its outstanding senior subordinated notes, and to repay existing credit facilities.

The issuer is a Sturtevant, Wis.-based provider of commercial cleaning, sanitation and hygiene solutions.

Issuer:	JohnsonDiversey, Inc.
Face amount:	$400 million
Proceeds:	$396.68 million
Maturity:	Nov. 15, 2019
Securities:	Senior unsecured notes
Left bookrunner:	Goldman Sachs & Co.
Joint bookrunners:	Citigroup Global Markets Inc., Barclays Capital Inc., HSBC Securities, J.P. Morgan Securities Inc.
Co-managers:	Morgan Stanley & Co., Natixis Bleichroeder, Rabo Securities, RBC Capital Markets Corp., Scotia Capital
Coupon:	8¼%
Price:	99.17
Yield:	8 3/8%
Spread:	503 bps
Call protection:	Callable on Nov. 15, 2014 at 104.125, 102.063, 101.031, par on and after Nov. 1, 2017
Trade date:	Nov. 19
Settlement date:	Nov. 24
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A/Regulation S with registration rights
Price talk:	8½% area

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