Published on 6/6/2023 in the Prospect News Investment Grade Daily.
New Issue: Fortune Brands prices $600 million 5.875% 10-year notes at 220 bps over Treasuries
By Wendy Van Sickle
Columbus, Ohio, June 6 – Fortune Brands Innovations, Inc. priced $600 million of 5.875% 10-year senior notes (Baa2/BBB/BBB) at Treasuries plus 220 basis points on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.839 to yield 5.897%.
The bookrunners are BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC.
Proceeds will be used to repay the company’s 4% senior notes due in September 2023 and for general corporate purposes.
The Deerfield, Ill., company, formerly known as Fortune Brands Home & Security, Inc., creates products and services for homeowners, including entry door systems, windows, faucets and locks.
| Issuer: | Fortune Brands Innovations, Inc.
|
| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | June 1, 2033
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | Barclays, Citizens Capital Markets, Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and Siebert Williams Shank & Co., LLC
|
| Counsel to issuer: | Norton Rose Fulbright US LLP
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| Counsel to underwriters: | Sidley Austin LLP
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| Trustee: | Wilmington Trust, NA
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| Coupon: | 5.875%
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| Price: | 99.839
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| Yield: | 5.897%
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| Spread: | Treasuries plus 220 bps
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| Call feature: | Make-whole call before March 1, 2033 at greater of par or Treasuries plus 35 bps; thereafter at par
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| Pricing date: | June 6
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| Settlement date: | June 14
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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| Cusip: | 34964CAH9
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