By Paul A. Harris
St. Louis, Nov. 23 - Gibraltar Industries Inc. priced a $200 million issue of 8% 10-year senior subordinated notes (Ba3/B+) at 98.325 on Wednesday to yield 8¼%, according to market sources.
The yield came at the wide end of the 8% to 8¼% price talk.
JP Morgan ran the books for the Rule 144A/Regulation S with registration rights issue. KeyBank was the joint lead manager. Harris Nesbitt was the co-manager.
Proceeds will be used to help repay a $300 million term loan used to acquire Alabama Metals Industries Corp.
Gibraltar is a Buffalo, N.Y., building products company.
| Issuer: | Gibraltar Industries Inc.
|
| Face amount: | $200 million
|
| Proceeds: | $196.65 million
|
| Maturity: | Dec. 1, 2015
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | JP Morgan
|
| Joint lead manager: | KeyBank
|
| Co-manager: | Harris Nesbitt
|
| Coupon: | 8%
|
| Price: | 98.325
|
| Yield: | 8¼%
|
| Spread: | 383 basis points
|
| Call protection: | Five years
|
| Trade date: | Nov. 23
|
| Settlement date: | Dec. 8
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Price talk: | 8% to 8¼%
|
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