By Sheri Kasprzak
New York, Dec. 1 - Acuity Brands Lighting Inc. sold a downsized $350 million of 10-year notes in a private placement, according to a term sheet. The deal was reduced from a planned $400 million.
The notes (Baa3/BBB-/) were sold under Rule 144A.
The 6% notes were priced at 99.797 to yield 6.027%, or 275 basis points over Treasuries.
There is a make-whole call at 40 bps over Treasuries.
Bank of America Merrill Lynch and J.P. Morgan Securities Inc. were the joint bookrunners.
Based in Atlanta, Acuity is a lighting fixtures company.
| Issuer: | Acuity Brands Lighting Inc.
|
| Issue: | Notes
|
| Amount: | $350 million
|
| Maturity: | Dec. 15, 2019
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc.
|
| Coupon: | 6%
|
| Price: | 99.797
|
| Yield: | 6.027%
|
| Spread: | Treasuries plus 275 bps
|
| Call: | Make-whole call at Treasuries plus 40 bps
|
| Distribution: | Rule 144A
|
| Pricing date: | Dec. 1
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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