By Paul A. Harris
Portland, Ore., Jan. 13 - Elizabeth Arden Inc. priced an upsized $250 million issue of 10-year senior notes (B1/B/) at par to yield 7 3/8% on Thursday, according to market sources.
The yield printed at the tight end of the 7½% area price talk.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities were the joint bookrunners for the issue, which was upsized from $225 million.
Proceeds will be used to fund a tender offer covering any and all of the company's $220 million of 7¾% senior subordinated notes due 2014.
Elizabeth Arden is a Miramar, Fla.-based beauty products company.
| Issuer: | Elizabeth Arden Inc.
|
| Amount: | $250 million, increased from $225 million
|
| Maturity: | March 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities
|
| Co-manager: | HSBC
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 402 bps
|
| Call protection: | Five years
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 21
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A
|
| Price talk: | 7½% area
|
| Marketing: | Roadshow
|
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