By Lisa Kerner
Charlotte, N.C., May 4 – Stericycle, Inc. agreed to place two series of notes totaling $300 million with 24 institutional purchasers on April 30, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be issued as follows:
• $200 million of 2.67% senior notes, series A, due July 1, 2022; and
• $100 million of 2.74% senior notes, series B, due July 1, 2023.
Closing is expected to occur on or about July 1.
Interest on the notes will be payable in arrears semiannually on Jan. 1 and July 1 beginning on Jan. 1, 2016.
The notes have a make-whole call option at Treasuries plus 50 basis points.
Proceeds will be used to reduce borrowings under the company’s revolving credit facility and for general corporate purposes.
Purchasers include New York Life Insurance Co., New York Life Insurance and Annuity Corp., New York Life Insurance and Annuity Corp. Institutionally Owned Life Insurance Separate Account (BOLI 3-2), Northwestern Mutual Life Insurance Co., Northwestern Life Insurance Co. for its Group Annuity Separate Account and State Farm Life Insurance Co.
Other purchasers include State Farm Life and Accident Assurance Co., Thrivent Financial for Lutherans, AXA Equitable Life Insurance Co., Great-West Life & Annuity Insurance Co., Guardian Life Insurance Co. of America, Metropolitan Life Insurance Co., MetLife Insurance Co. USA, General American Life Insurance Co., First MetLife Investors Insurance Co., MetLife Insurance K.K., Nationwide Life Insurance Co., RiverSource Life Insurance Co., RiverSource Life Insurance Co., RiverSource Life Insurance Co. of New York, Life Insurance Co. of Southwest, State of Wisconsin Investment Board, Catholic Financial Life, GuideOne Mutual Insurance Co. and GuideOne Property & Casualty Insurance Co.
Stericycle provides medical waste collection, transportation, treatment and disposal services and safety and compliance programs. The company is based in Lake Forest, Ill.
| Issuer: | Stericycle, Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Pricing date: | April 30
|
| Settlement date: | By July 1
|
| Purchasers: | New York Life Insurance Co., New York Life Insurance and Annuity Corp., New York Life Insurance and Annuity Corp. Institutionally Owned Life Insurance Separate Account (BOLI 3-2), Northwestern Mutual Life Insurance Co., Northwestern Life Insurance Co. for its Group Annuity Separate Account, State Farm Life Insurance Co., State Farm Life and Accident Assurance Co., Thrivent Financial for Lutherans, AXA Equitable Life Insurance Co., Great-West Life & Annuity Insurance Co., Guardian Life Insurance Co. of America, Metropolitan Life Insurance Co., MetLife Insurance Co. USA, General American Life Insurance Co., First MetLife Investors Insurance Co., MetLife Insurance K.K., Nationwide Life Insurance Co., RiverSource Life Insurance Co., RiverSource Life Insurance Co., RiverSource Life Insurance Co. of New York, Life Insurance Co. of the Southwest, State of Wisconsin Investment Board, Catholic Financial Life, GuideOne Mutual Insurance Co. and GuideOne Property & Casualty Insurance Co.
|
| Distribution: | Private placement
|
|
|
| Series A notes
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| Amount: | $200 million
|
| Coupon: | 2.67%
|
| Maturity: | July 1, 2022
|
|
|
| Series B notes
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| Amount: | $100 million
|
| Coupon: | 2.74%
|
| Maturity: | July 1, 2023
|
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