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Mattel to launch private offering of senior notes

Toymaker Mattel Inc. said Dec. 9 that it plans to offer $1 billion aggregate principal amount of senior unsecured notes due 2025 in a private offering to qualified institutional buyers.

The notes are expected to be guaranteed on a senior unsecured basis by all of its existing and future wholly owned domestic restricted subsidiaries that will be borrowers or guarantors under its new senior secured revolving credit facilities.

Mattel intends to use the net proceeds, along with cash on hand, to repay its 1.700% senior notes due 2018 in addition to all outstanding borrowings related to its commercial paper program. It also aims to satisfy all outstanding obligations under and terminate the commitments under its existing revolving credit facility, and to pay for related transaction fees and expenses.

The company was recently the target of an acquisition bid by Hasbro Inc., but it rejected the proposal in November.