By Paul A. Harris
Portland, Ore., Feb. 25 – Edgewell Personal Care Co. priced a $500 million issue of eight-year senior notes (Ba3/BB) at par to yield 4 1/8% in a Thursday drive-by, according to market sources.
The yield printed in the middle of the 4% to 4¼% yield talk. Initial guidance was in the low 4% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Barclays, MUFG, TD Securities (USA) LLC and Goldman Sachs & Co. LLC.
The Shelton, Conn.-based consumer products company plans to use the proceeds to pay off its 4.7% senior notes due 2022.
| Issuer: | Edgewell Personal Care Co.
|
| Amount: | $500 million
|
| Maturity: | April 1, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | Barclays, MUFG, TD Securities (USA) LLC and Goldman Sachs & Co. LLC
|
| Co-managers: | J.P. Morgan Securities LLC, Siebert Williams Shank & Co. LLC and Standard Chartered Bank
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 282 bps
|
| Call protection: | Three years
|
| Trade date: | Feb. 25
|
| Settlement date: | March 8
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4% to 4¼%
|
| Marketing: | Drive-by
|
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