Energizer talks $600 million 10-year notes to yield 5 5/8% to 5 7/8%; pricing Friday

By Paul A. Harris

Portland, Ore., May 15 – Energizer SpinCo Inc. talked its $600 million offering of 10-year senior notes (Ba3/BB) to yield 5 5/8% to 5 7/8%, according to a market source.

The Rule 144A and Regulation S for life offering is expected to price Friday afternoon.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. and MUFG are the joint bookrunners. Credit Suisse Securities (USA) LLC is the co-manager.

The notes come with five years of call protection and feature a three-year 35% equity clawback.

Proceeds will be used to fund the spinoff of the household products business of St. Louis-based Energizer Holdings Inc. to shareholders.

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