By Paul A. Harris
Portland, Ore., April 14 – BroadStreet Partners Inc. priced an upsized $400 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 5 7/8% on Wednesday, according to market sources.
The issue size increased from $325 million.
The yield printed at the tight end of yield talk in the 6% area. Initial guidance was 6¼% to 6½%.
The deal was playing to $1.2 billion of demand early Wednesday afternoon, a trader said.
Joint physical bookrunner RBC Capital Markets LLC will bill and deliver. BMO Capital Markets Corp. is also a joint physical bookrunner. BofA Securities Inc., Barclays, Scotia Capital (USA) Inc. and Truist Securities Inc. are joint bookrunners.
The Rule 144A and Regulation S notes come with three years of call protection.
The Columbus, Ohio-based insurance brokerage plans to use the proceeds to repay its first-lien term loan B-1 and its second-lien term loan and for general corporate purposes.
| Issuer: | BroadStreet Partners, Inc.
|
| Amount: | $400 million, increased from $325 million
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| Maturity: | April 15, 2029
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| Securities: | Senior notes
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| Physical bookrunners: | RBC Capital Markets LLC (bill and deliver) and BMO Capital Markets Corp.
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| Joint bookrunners: | BofA Securities Inc., Barclays, Scotia Capital (USA) Inc. and Truist Securities Inc.
|
| Coupon: | 5 7/8%
|
| Price: | Par
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| Yield: | 5 7/8%
|
| First call: | April 15, 2024 at 102.938
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| Trade date: | April 14
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| Settlement date: | April 21
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% area
|
| Marketing: | Roadshow
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