Benzinga | Dec 9, 2021 09:45PM EST

Sally Beauty Holdings Announced Withdrawal of Proposed $780M Senior Notes Offering

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LLC (the "Company"), a wholly-owned subsidiary of Sally Beauty Holdings, Inc. (NYSE:SBH), today announced that it has withdrawn its previously announced proposed registered public offering of $780.0 million aggregate principal amount of Senior Notes due 2030 as a result of market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and will not be, satisfied by the December 13, 2021 redemption date and thus the conditional redemption notice has been rescinded and is of no further force and effect for any purpose.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.