ACCO Brands talks $500 million eight-year notes to yield 6¾%-7%

By Paul A. Harris

Portland, Ore., April 19 - ACCO Brands Corp. talked its $500 million offering of eight-year senior notes (confirmed B1/expected B) to yield 6¾% to 7%, an informed source said on Thursday.

The Lincolnshire, Ill.-based office supplies manufacturer also moved up timing on the deal.

The books close at noon ET on Friday except for accounts seeing the company, and the deal is set to price thereafter.

When the deal was announced, the roadshow schedule carried into the week ahead, with stops on the West Coast of the United States. The company will continue to visit accounts during the April 23 week as planned in the original roadshow.

Barclays Capital Inc. is the left lead bookrunner. Bank of America Merrill Lynch, BMO Capital Markets Corp. and SunTrust Robinson Humphrey are the joint bookrunners.

BBVA, PNC Capital Markets and Scotia Capital are the co-managers.

The Rule 144A and Regulation S with registration rights notes come with five years of call protection and feature standard incurrence-based high-yield covenants.

The issuing entity will be subsidiary Monaco Spinco Inc.

ACCO Brands plans to use the proceeds to fund the special distribution in connection with the separation of the Mead Consumer & Office Products business and to purchase or redeem up to all of the company's senior subordinated notes.

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