At Home sets roadshow for $800 million two-part notes backing buyout by Hellman & Friedman

By Paul A. Harris

Portland, Ore., June 18 – Ambience Merger Sub, Inc. plans to run a roadshow during the June 21 week for an $800 million two-part offering of high-yield notes backing the buyout of At Home Group, Inc. (existing corporate credit ratings B2/B) by Hellman & Friedman, according to market sources.

An investor call is scheduled to get underway at 11 a.m. ET on Monday.

The Rule 144A and Regulation S for life deal includes a $300 million tranche of seven-year senior secured notes with initial guidance of 5¼% to 5½%. The notes become callable after two years at par plus 50% of the coupon. A special call provision allows for the issuer to redeem 10% of the secured notes at 103 during the non-call period.

The deal also includes a $500 million tranche of eight-year senior unsecured notes, which come with initial guidance that has them pricing 200 basis points behind the secured notes. The unsecured notes become callable after three years at par plus 50% of the coupon.

Joint bookrunner Barclays will bill and deliver. BofA Securities Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are also joint bookrunners.

Proceeds will be used to finance the acquisition of At Home Group by Hellman & Friedman in an all-cash transaction valued at $2.8 billion, including the assumption of debt, expected to close in the third quarter of 2021.

Following the closing of the acquisition the issuer will become At Home Group.

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