Published on 9/22/2015 in the Prospect News High Yield Daily.
New Issue: Building Materials prices $1.1 billion 10-year notes at par to yield 6%
By Paul A. Harris
Portland, Ore., Sept. 22 – Building Materials Corp. of America priced $1.1 billion of 10-year senior notes (Ba2/BB+) at par to yield 6% on Tuesday, according to a market source.
The yield printed on top of revised price talk.
Talk widened from the 5½% area, which was also the early guidance on the deal.
Deutsche Bank Securities Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
The Wayne, N.J.-based roofing manufacturer plans to use the proceeds to refinance debt.
| Issuer: | Building Materials Corp. of America
|
| Amount: | $1.1 billion
|
| Maturity: | Oct. 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., BofA Merrill Lynch, Citigroup Global Markets, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 387 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2020, then callable at 103
|
| Trade date: | Sept. 22
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6%, revised from 5¾, after having previously been revised from 5½% area
|
| Marketing: | Deal launched as an a.m. to p.m. drive-by, but remained in the market overnight
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
