By Paul A. Harris
Portland, Ore., March 25 – Interior Logic Group priced a $300 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 6 1/8% on Thursday, according to market sources.
The yield printed in the middle of the 6% to 6¼% yield talk. Early guidance was in the mid-6% area.
Goldman Sachs & Co. LLC was the left bookrunner.
The notes were sold via issuing entity Signal Parent, Inc.
Proceeds plus an equity contribution and new credit facilities will be used to finance Blackstone's acquisition of Interior Logic Group Holdings, LLC from Littlejohn & Co. LLC, Platinum Equity and other equity holders, as well as to fund related transactions, pay off existing credit facilities and provide cash on hand.
Interior Logic Group is a New York-based provider of interior design, supply chain and installation management solutions.
| Issuer: | Signal Parent, Inc.
|
| Amount: | $300 million
|
| Maturity: | April 1, 2029
|
| Securities: | Senior notes
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| Left bookrunner: | Goldman Sachs & Co. LLC
|
| Joint bookrunners: | Citigroup Global Markets Inc., BofA Securities Inc. and RBC Capital Markets LLC
|
| Co-manager: | Blackstone
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Spread: | 543 bps
|
| Call protection: | Three years
|
| Trade date: | March 25
|
| Settlement date: | April 1
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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