Rayovac to launch $500 million 10-year notes via roadshow

By Paul A. Harris

St. Louis, Jan. 12 - Rayovac Corp. will launch $500 million of 10-year senior subordinated notes (B3) in a roadshow beginning Tuesday, according to a syndicate source.

The notes, which will mature in 2015 and are non-callable for five years, are expected to price late in the week of Jan. 24.

Banc of America Securities, Citigroup and Merrill Lynch & Co. are joint bookrunners for the Rule 144A/Regulation S offering.

The company will also obtain a $1.2 billion credit facility.

Proceeds will be used to help fund the $1.2 billion acquisition of United Industries, including the repayment of $880 million of United Industries debt. Rayovac will also issue 13.75 million common shares and put up $70 million of cash for the transaction.

St. Louis-based United Industries makes consumer products for lawn and garden care and household insect control.

Rayovac is an Atlanta-based maker of battery, shaving and grooming and lighting consumer products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.