Yankee Candle terminates $450 million offering of five-year notes

By Paul A. Harris

Portland, Ore., June 13 - Yankee Candle Co. terminated its $450 million offering of five-year senior notes (Caal/CCC+) on Thursday, according to a company statement.

No formal price talk circulated; however, the deal had been whispered in the low-to-mid 7% range, according to an investor.

Barclays and BofA Merrill Lynch were the joint bookrunners.

Proceeds, together with a $950 million term loan, will be used to fund a distribution to equityholders and to refinance all existing debt.

In addition to pulling the notes, Yankee Candle also terminated its $1.13 billion credit facility and the proposed redemptions for its 9¾% senior subordinated notes due 2017 and its 10¼%/11% notes due 2016.

Yankee Candle is a South Deerfield, Mass.-based designer, manufacturer, wholesaler and retailer of scented candles.

© 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.