Masco guides $500 million 10-year bullet in mid-to-high 4% range; pricing Tuesday

By Paul A. Harris

Portland, Ore., March 17 – Masco Corp. guided a $500 million offering of split-rated non-callable 10-year senior notes (Ba3/BBB/BB+) with a yield in the mid-to-high 4% range, a market source said.

The deal is set to price Tuesday.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners for the public offering.

The notes become callable at par three months prior to maturity but are otherwise non-callable. They feature a 101% poison put.

The Taylor, Mich.-based manufacturer of products for the home improvement and new home construction markets plans to use the proceeds for general corporate purposes, which may include working capital, debt repayment, acquisitions and investments in new or existing lines of business.

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