Edgewell Personal Care driving by with $600 million eight-year notes

By Paul A. Harris

Portland, Ore., May 19 – Edgewell Personal Care Co. plans to price a $600 million offering of eight-year senior notes (existing ratings Ba3/BB) in a Tuesday drive-by trailing a late-morning conference call with investors, according to a syndicate source.

BofA Securities Inc. is the left bookrunner. Barclays, MUFG and TD Securities (USA) LLC are the joint bookrunners.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Siebert Williams Shank & Co. LLC and Standard Chartered Bank are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Shelton, Conn.-based consumer products company plans to use the proceeds, together with cash on hand, to redeem all of its 2021 senior notes.

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