Mattel Inc. on Aug. 1 launched a private offering of $250 million of its 6.00% senior notes due 2027.
Mattel plans to use the net proceeds from the sale of the notes, together with cash on hand, to redeem and retire all of its 4.530% senior notes due 2020.
The notes are expected to be guaranteed on a senior unsecured basis by all of the toy maker's existing and future wholly owned domestic restricted subsidiaries.
The closing of the offering is expected to occur on Aug. 8.
The notes were rated BB- by S&P Global Ratings, B+/RR2 by Fitch Ratings and B1 by Moody's.