Mattel Raises $500 Million With Bond Offering (MAT)
In preparation to refinance current obligations, toy company, Mattel, Inc.(MAT) has raised $500 million from bond sales.
The company sold $250 million of 1.7%, five year bonds which yield 95 basis points higher than similar maturity 10 year securities with a 130 basis point spread. Bonds were sold so that the company will be able to repay debt.
The new bonds are expected to be rated Baa1 by Moody’s Investors Service.
Mattel shares were up 46 cents, or 1.13% during Tuesday morning trading. The stock has increased 24% in the past year.
The Bottom Line
Shares of Mattel, Inc.(MAT) have a 3.51% yield, based on Tuesday morning’s price of $40.98.
Mattel, Inc.(MAT) is a “Recommended” dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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