By Paul A. Harris
Portland, Ore., March 1 – ACCO Brands Corp. priced a downsized $575 million issue of eight-year senior notes (B1/BB-/BB) at par to yield 4¼% in a Monday drive-by, according to market sources.
The issue size decreased from $650 million.
The yield printed at the wide end of the 4% to 4¼% yield talk. Initial guidance was in the low 4% area.
Barclays was the lead bookrunner. Joint bookrunners were BofA Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and Capital One Securities Inc.
Lead managers were Truist Securities Inc., PNC Capital Markets LLC, BBVA Securities Inc. and TD Securities (USA) LLC.
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.
| Issuer: | ACCO Brands Corp.
|
| Amount: | $575 million, decreased from $650 million
|
| Maturity: | March 15, 2029
|
| Securities: | Senior notes
|
| Lead bookrunner: | Barclays
|
| Joint bookrunners: | BofA Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and Capital One Securities Inc.
|
| Lead managers: | Truist Securities Inc., PNC Capital Markets LLC, BBVA Securities Inc. and TD Securities (USA) LLC
|
| Co-managers: | Loop Capital Markets LLC, Comerica Securities Inc., Barrington Research Associates Inc. and Sidoti & Co. Inc.
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Spread: | 298 bps
|
| Call protection: | Three years
|
| Trade date: | March 1
|
| Settlement date: | March 15
|
| Ratings: | Moody’s: B1
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4% to 4¼%
|
| Marketing: | Drive-by
|
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