BellRing withdraws $840 million notes offer, cites market volatility

By Paul A. Harris

Portland, Ore., Feb. 24 – BellRing Distribution, LLC cited market volatility as it withdrew its $840 million offering of 10-year senior notes (B3/B) from the market on Thursday, according to market sources.

The deal was marketed during a brief roadshow on a Tuesday, coming with initial guidance in the 7% area, and was on deck to price on Thursday.

In a Thursday press release the company stated that it expects to commence a debt financing transaction in the coming weeks.

The notes were being offered in connection with Post Holdings, Inc.’s anticipated spinoff of 80.1% of its interest in New BellRing to Post shareholders.

Post had intended to pay some of the proceeds to existing lenders in a debt-for-debt exchange, with remaining proceeds to be used to refinance BellRing’s debt and fund a distribution to existing BellRing stockholders in connection with the spinoff.

J.P. Morgan Securities LLC was on the left of a syndicate of bookrunners.

BellRing Distribution is a St. Louis-based holding company operating in the global convenient nutrition category, offering ready-to-drink shake and powder protein products.

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