Sally Beauty Holdings Announces Withdrawal of Proposed Senior Notes Offering
December 09 2021 - 6:45AM
Business Wire
Sally Holdings LLC (the “Company”), a wholly-owned subsidiary of
Sally Beauty Holdings, Inc. (NYSE: SBH), today announced that it
has withdrawn its previously announced proposed registered public
offering of $780.0 million aggregate principal amount of Senior
Notes due 2030 as a result of market conditions.
Marlo Cormier, the Company’s Chief Financial Officer, said,
“This transaction was opportunistic in nature, and we approached
the market as a means to refinance our existing 5.625% senior notes
due 2025 (the “2025 Notes”) at a much lower rate. While we
appreciate the significant interest in the proposed offering, we
have concluded that the current terms and conditions available in
the market were not sufficiently attractive for us to move forward
with the transaction at this time. We will continue to monitor
market conditions and evaluate whether to pursue another offering
in the future.”
In connection with the withdrawal of this proposed offering, the
Company has also delivered a notice to the trustee for the 2025
Notes informing the trustee that all of the conditions precedent to
the consummation of the redemption of the 2025 Notes set forth in
the previously issued conditional redemption notice have not been,
and will not be, satisfied by the December 13, 2021 redemption date
and thus the conditional redemption notice has been rescinded and
is of no further force and effect for any purpose.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. This
press release shall not constitute a notice of redemption or a
notice of rescission with respect to the 2025 Notes.
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH), as the leader in
professional hair color, sells and distributes professional beauty
supplies globally through its Sally Beauty Supply and Beauty
Systems Group businesses. Sally Beauty Supply stores offer up to
7,000 products for hair color, hair care, nails, and skin care
through proprietary brands such as Ion®, Generic Value Products®,
Beyond the Zone® and Silk Elements® as well as professional lines
such as Wella®, Clairol®, OPI®, Conair® and L’Oreal®. Beauty
Systems Group stores, branded as CosmoProf® or Armstrong McCall®
stores, along with its outside sales consultants, sell up to 10,000
professionally branded products including Paul Mitchell®, Wella®,
Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico® and Olaplex®,
intended for use in salons and for resale by salons to retail
consumers.
Cautionary Notice Regarding Forward-Looking
Statements
Statements in this news release which are not purely historical
facts or which depend upon future events may be forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements, as that term is
defined in the Private Securities Litigation Reform Act of 1995,
can be identified by the use of forward-looking terminology such as
“believes,” “projects,” “expects,” “can,” “may,” “estimates,”
“should,” “plans,” “targets,” “intends,” “could,” “will,” “would,”
“anticipates,” “potential,” “confident,” “optimistic,” or the
negative thereof, or other variations thereon, or comparable
terminology, or by discussions of strategy, objectives, estimates,
guidance, expectations and future plans, including but not limited
to, statements regarding the proposed senior notes offering and
redemption. Forward-looking statements can also be identified by
the fact that these statements do not relate strictly to historical
or current matters.
Readers are cautioned not to place undue reliance on
forward-looking statements as such statements speak only as of the
date they were made. Any forward-looking statements involve risks
and uncertainties that could cause actual events or results to
differ materially from the events or results described in the
forward-looking statements, including, but not limited to, the
risks and uncertainties related to COVID-19 and those described in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K for the fiscal year ended September
30, 2021. Consequently, all forward-looking statements in this
release are qualified by the factors, risks and uncertainties
contained therein. We assume no obligation to publicly update or
revise any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211209005361/en/
Jeff Harkins Investor Relations 940-297-3877
jharkins@sallybeauty.com
Sally Beauty (NYSE:SBH)
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