Prestige Consumer Healthcare plans $400M senior notes offering

Prestige Consumer Healthcare Inc. (NYSE: PBH) announced that its wholly-owned subsidiary, Prestige Brands, Inc., intends to offer up to $400 million in aggregate principal amount of senior notes due 2034 in a private offering, subject to market and other conditions.

The notes will be senior unsecured obligations of Prestige Brands and will be guaranteed by the company and certain of its domestic subsidiaries.

According to the press release, the company intends to use the net proceeds from the offering, along with cash on hand, to redeem all $400 million of Prestige Brands' outstanding 5.125% Senior Notes due 2028, and to pay related fees and expenses.

The redemption of the 2028 notes is conditioned on the completion of an offering of new unsecured senior notes in an aggregate principal amount of at least $400 million. Prestige Brands may waive that condition at its sole discretion. The redemption price would equal 100% of the principal amount, plus accrued and unpaid interest to the date of redemption.

The notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, or outside the United States to non-U.S. persons under Regulation S. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.

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