By Paul A. Harris
Portland, Ore., Dec. 13 – Post Holdings, Inc. priced an upsized $500 million add-on to its 5½% senior notes due Dec. 15, 2029 (B2/B+) at 103.5 to yield 4.819% in a Monday drive-by, according to market sources.
The issue size increased from $350 million.
The issue price came at the rich end of the 103 to 103.5 price talk. Initial talk was 102.5 to 103.
Left bookrunner Morgan Stanley & Co. LLC will bill and deliver.
The St. Louis-based cereal, food and nutrition company plans to use the proceeds to add cash to its balance sheet and for general corporate purposes.
| Issuer: | Post Holdings, Inc.
|
| Amount: | $500 million, increased from $350 million
|
| Issue: | Add-on to 5½% senior notes due Dec. 15, 2029
|
| Maturity: | Dec. 15, 2029
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| Bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
|
| Coupon: | 5½%
|
| Price: | 103.5
|
| Yield to worst: | 4.819%
|
| Spread: | 352 bps
|
| First call: | Dec. 15, 2024 at 102.75
|
| Trade date: | Dec. 13
|
| Settlement date: | Dec. 22 with accrued interest
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 103 to 103.5
|
| Marketing: | Drive-by
|
| Original issue: | $750 million priced in June 2019
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