Masco prepares offering of five-, 10-year senior notes

By Aleesia Forni and Paul A. Harris

New York, Mach 10 – Masco Corp. is in the market with a split-rated offering of senior notes (Ba2/BBB) in tranches due 2021 and 2026, according to an informed source and a 424B5 filed with the Securities and Exchange Commission.

The notes will feature a change-of-control put at 101% and a make-whole call.

Bookrunners are Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc.

The Taylor, Mich.-based manufacturer of products for the home improvement and new home construction markets plans to use the proceeds to repay its $1 billion of 6.125% notes due Oct. 3, 2016 and $300 million of 5.85% notes due March 15, 2017.

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