By Paul A. Harris
Portland, Ore., Feb. 25 – Plantronics Inc. (Poly) priced a $500 million issue of eight-year senior notes (B2/B) at par to yield 4¾% on Thursday, according to a syndicate source.
The yield printed at the wide end of the 4½% to 4¾% yield talk.
Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. Joint bookrunners were BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The Santa Cruz, Calif.-based electronics company plans to use the proceeds to refinance its 5½% notes due 2023.
Issuer: | Plantronics Inc.
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Amount: | $500 million
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Maturity: | March 1, 2029
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Securities: | Senior notes
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Left lead bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
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Joint bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
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Co-managers: | Cowen and Everco
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Coupon: | 4¾%
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Price: | Par
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Yield: | 4¾%
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Spread: | 345 bps
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First call: | March 1, 2024 at 102.375
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Trade date: | Feb. 25
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Settlement date: | March 4
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Ratings: | Moody's: B2
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| S&P: B
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 4½% to 4¾%
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Marketing: | Roadshow
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