Edgewell Personal Care driving by with $500 million eight-year notes; initial talk low-4% area

By Paul A. Harris

Portland, Ore., Feb. 25 – Edgewell Personal Care Co. plans to price a $500 million offering of eight-year senior notes (existing ratings Ba3/BB) in a Thursday drive-by trailing a late-morning conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the low 4% area, a trader said.

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

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

The Rule 144A and Regulation S 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 to pay off its 4.7% senior notes due 2022.

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