Prestige Brands Plans $400M Debt Refinancing

By Greg Peters • Monday, July 06 16:03 • Permanent Link

Prestige Consumer Healthcare said July 6 that its subsidiary Prestige Brands plans to borrow up to $400 million through new senior notes due 2034 and use the proceeds, along with cash on hand, to retire its entire $400 million of 5.125% senior notes due 2028.

The 2028 notes would be redeemed at 100.0% of principal, plus accrued and unpaid interest. Prestige Brands said the redemption depends on completing the new notes offering at an aggregate principal amount of at least $400 million, though it can waive that financing condition.

The company said the new debt will be senior unsecured obligations of Prestige Brands and guaranteed by Prestige Consumer Healthcare and certain domestic subsidiaries. As a result of these announcements, the company's shares have moved -1.15% on the market, and are now trading at a price of $48.85. For the full picture, make sure to review Prestige Consumer Healthcare's 8-K report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.