Published on 4/20/2012 in the Prospect News High Yield Daily.
New Issue: ACCO Brands prices $500 million eight-year notes at par to yield 6¾%
By Paul A. Harris
Portland, Ore., April 20 - ACCO Brands Corp. priced a $500 million issue of eight-year senior notes (B1/B+/BB) at par to yield 6¾% on Friday, according to a syndicate source.
The yield printed at the tight end of the 6¾% to 7% yield talk.
The Lincolnshire, Ill.-based office supplies manufacturer moved up timing on the deal. When the offering 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, according to the syndicate source.
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.
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.
| Issuer: | Monaco SpinCo Inc. (subsidiary of ACCO Brands Corp.)
|
| Amount: | $500 million
|
| Maturity: | April 30, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, BMO Capital Markets Corp., SunTrust Robinson Humphrey Inc.
|
| Lead managers: | Banco Bilbao Vizcaya Argentaria SA, PNC Capital Markets LLC, Scotia Capital (USA) Inc.
|
| Co-manager: | Barrington Research Associates, Inc.
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 519 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 30, 2017, then callable at 101.688, par on and after April 30, 2018
|
| Change-of-control put: | 101%
|
| Trade date: | April 20
|
| Settlement date: | May 1
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6¾% to 7%
|
© 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.
