Prestige Brands will privately place $150 million in notes, refinance debt
Associated Press
03/10/10 11:15 AM EST
IRVINGTON, N.Y. — Prestige Brands Holdings Inc., whose brands include Chloraseptic for sore throats, Murine eye drops and Comet cleanser, said Wednesday it will offer $150 million in senior notes to help refinance debt coming due this year.
The company will privately place $150 million in new senior notes to qualified institutional buyers.
It will use proceeds to refinance debt, including starting a cash tender offer for $126 million in senior notes.
The notes in the tender offer are 9.25 percent senior subordinate notes due 2010 and the offer will expire on April 6.
Holders will receive compensation equal to $1,005 per $1,000 principal amount of senior notes. Holders who tender notes after the deadline will get compensation equal to $975 per $1000 principal amount of senior notes plus accrued and unpaid interest.
The company markets and distributes over-the-counter healthcare, personal care and household products in the United States, Canada and certain international markets.
Other brands include Compound W wart treatments, New Skin liquid bandage, Little Remedies pediatric products, The Doctor's NightGuard dental protector and Cutex nail polish remover.
Its shares rose 11 cents to $8.65 in morning trading Wednesday after rising to a 52-week high of $8.90 earlier in the session.
