Acushnet talks $350 million five-year senior notes to yield 7½%-7¾%; pricing Wednesday

By Paul A. Harris

Portland, Ore., Sept. 27 – Acushnet Holdings Corp. talked its $350 million offering of senior notes due 2028 (Ba3/BB) to yield 7½% to 7¾%, according to market sources.

Official talk comes inside of early guidance in the high-7% to 8% area.

The deal is heard to be playing to $1.75 billion of demand across 100 accounts, with some limit orders at 7¾%, according to a trader, who expects the deal to price at 7½% or tighter.

The Rule 144A and Regulation S five-year notes become subject to their first call after two years at par plus 50% of the coupon.

J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities Inc., Citigroup Global Markets Inc. and BMO Capital Markets Corp. are the joint bookrunners.

The issuing entity will be Acushnet Co., a wholly owned subsidiary of the Fairhaven, Mass.-based supplier of golfing products, which plans to use the proceeds to repay debt under its revolving credit facility.

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