By Paul A. Harris
Portland, Ore., Feb. 9 – Amer Sports Co. priced an upsized $800 million issue of seven-year senior secured notes (B1/BB) at par to yield 6¾% on Friday, according to market sources.
A blowout deal, the issue commanded a massive $6 billion of orders ahead of the Friday morning close of books, sources said.
The issue size increased from $600 million.
The yield printed at the tight end of the 6¾% to 7% yield talk. Initial guidance was in the low-to-mid 7% area.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, BofA Securities, Inc., BNP Paribas Securities Corp. and HSBC Securities (USA) Inc.
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.
| Issuer: | Amer Sports Co.
|
| Amount: | $800 million, increased from $600 million
|
| Issue: | Senior secured notes
|
| Maturity: | Feb. 16, 2031
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| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., BNP Paribas Securities Corp. and HSBC Securities (USA) Inc.
|
| Co-managers: | Morgan Stanley & Co. LLC, TD Securities (USA) LLC, Standard Chartered Bank and Citigroup Global Markets Inc.
|
| Coupon: | 6¾%
|
| Price: | Par
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| Yield: | 6¾%
|
| Spread: | 266 bps
|
| First call: | Feb. 16, 2027 at 103.375
|
| Trade date: | Feb. 9
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| Settlement date: | Feb. 16
|
| Ratings: | Moody’s: B1
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¾% to 7%
|
| Marketing: | Roadshow
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