By Paul A. Harris
Portland, Ore., June 18 – Abercrombie & Fitch Management Co. priced an upsized $350 million issue of five-year senior secured notes (Ba2/BB-) at par to yield 8¾% on Thursday, according to market sources.
Bookrunners were Wells Fargo Securities LLC, J.P Morgan Securities LLC and Morgan Stanley & Co. LLC.
The issue size increased from $300 million.
The yield printed at the tight end of the 8¾% to 9% yield talk. Initial guidance was in the 9% area.
The New Albany, Ohio-based retailer, which is focused on casual wear, plans to use the proceeds to refinance its term loan B, to pay down its revolving credit facility and for general corporate purposes.
| Issuer: | Abercrombie & Fitch Management Co.
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| Amount: | $350 million, increased from $300 million
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| Maturity: | July 15, 2025
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| Securities: | Senior secured notes
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| Bookrunners: | Wells Fargo Securities LLC, J.P Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 8¾%
|
| Price: | Par
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| Yield: | 8¾%
|
| Spread: | 842 bps
|
| First call: | July 15, 2022 at 104.438
|
| Trade date: | June 18
|
| Settlement date: | July 2
|
| Ratings: | Moody's: Ba2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% to 9%
|
| Marketing: | Roadshow
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