By Paul A. Harris
Portland, Ore., Jan. 28 – White Cap Supply Holdings, LLC talked a $300 million issue of White Cap Parent, LLC (White Cap HoldCo) five-year senior PIK toggle notes (Caa1/CCC+) at 99.463 to yield 8 3/8% on Thursday, according to market sources.
The notes pay an 8¼% cash coupon, which steps up to 9% for in-kind coupon payments.
The yield printed at the tight end of yield talk in the 8½% area.
Deutsche Bank Securities Inc. was the lead.
The Atlanta-based provider of construction supplies plans to use the proceeds to fund a dividend to owners Clayton Dubilier & Rice and the Sterling Group.
Issuer: | White Cap Parent LLC (White Cap Holdco)
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Amount: | $300 million
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Maturity: | March 15, 2026
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Securities: | Senior PIK toggle notes
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Lead: | Deutsche Bank Securities Inc.
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Cash coupon: | 8¼%
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PIK coupon: | 9%
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Price: | 99.463
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Yield: | 8 3/8%
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Call protection: | One year
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Trade date: | Jan. 28
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Settlement date: | Feb. 1
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Ratings: | Moody's: Caa1
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| S&P: CCC+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 8½% area
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Marketing: | Roadshow
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