ACCO Brands driving by with $650 million eight-year notes; initial talk in low 4% area

By Paul A. Harris

Portland, Ore., March 1 – ACCO Brands Corp. plans to price a $650 million offering of eight-year senior notes (existing ratings B1/BB-/BB) in a Monday drive-by trailing a conference call with investors, according to market sources.

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

Barclays is the lead bookrunner. BofA Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and Capital One Securities Inc. are the joint bookrunners.

Truist Securities Inc., PNC Capital Markets LLC, BBVA Securities Inc. and TD Securities (USA) LLC are the lead managers.

Loop Capital Markets LLC, Comerica Securities Inc., Barrington Research Associates Inc. and Sidoti & Co. LLC are the co-managers.

The Rule 144A and Regulation S for life notes come with three years of call protection. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Lake Zurich, Ill.-based supplier of consumer, school, technology and office products plans to use the proceeds to refinance its 5¼% notes due 2024 and pay down its revolver.

© 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.