Amer Sports upsizes to $800 million, launches seven-year secured notes at 6¾%; pricing Friday

By Paul A. Harris

Portland, Ore., Feb. 9 – Amer Sports Co. upsized its offering of senior secured notes due 2031 (B1/BB) to $800 million from $600 million on Friday, according to a market source.

The deal commanded a massive $6 billion order book early Friday morning, according to a trader, who remarked that allocations will be “a food fight.”

The deal launched on Friday morning at 6¾%, at the tight end of the 6¾% to 7% yield talk. Initial guidance was in the low-to-mid 7% area.

Final terms and allocations are expected later Friday.

The Rule 144A and Regulation S for life seven-year notes become callable after three years at par plus 50% of the coupon.

Goldman Sachs is the left bookrunner. JPMorgan, BofA, BNP Paribas and HSBC are the joint bookrunners.

The Helsinki, Finland-based sports equipment company plans to use the proceeds plus new senior secured credit facilities to pay off its outstanding credit facilities.

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