Published on 6/18/2020 in the Prospect News High Yield Daily.
New Issue: Brink’s prices $400 million five-year notes at par to yield 5˝%
By Paul A. Harris
Portland, Ore., June 18 – Brink's Co. priced a $400 million issue of five-year senior notes (Ba3/BB-/BB+) at par to yield 5˝% in a Thursday drive-by, according to market sources.
Bookrunners were BofA Securities Inc., J.P. Morgan Securities LLC, MUFG, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.
The yield printed at the tight end of yield talk in the 5 5/8% area. Initial talk was in the high 5% area.
The Richmond, Va.-based private security and protection company plans to use the proceeds to repay certain debt incurred in connection with the acquisition of a significant portion of G4S plc cash management business, and to finance the remaining portion of that acquisition, with the remainder of the proceeds to be used for working capital, capital expenditures, acquisitions and other general corporate purposes.
| Issuer: | Brinks Co.
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| Amount: | $400 million
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| Maturity: | July 15, 2025
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| Securities: | Senior notes
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| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, MUFG, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
|
| Senior co-managers: | BBVA Securities Inc., BNP Paribas Securities Corp., CIBC World Markets Corp., M&T, PNC Capital Markets LLC and U.S. Bancorp Investments Inc.
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| Co-managers: | Capital One Securities Inc., Citigroup Global Markets Inc., Citizens Capital Markets Inc., Fifth Third Securities Inc., HSBC Securities (USA) Inc., Huntington Investment Co., KeyBanc Capital Markets Inc., Regions Securities LLC and Santander Investment Securities Inc.
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| Coupon: | 5˝%
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| Price: | Par
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| Yield: | 5˝%
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| Spread: | 516 bps
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| Call protection: | Two years
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| Trade date: | June 18
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| Settlement date: | June 22
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| Ratings: | Moody's: Ba3
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| S&P: BB-
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| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 5 5/8% area
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