New Issue: Gibraltar prices $210 million eight-year notes at par to yield 6¼%

By Paul A. Harris

Portland, Ore., Jan. 18 - Gibraltar Industries, Inc. priced a $210 million issue of eight-year senior subordinated notes (B2/BB-/) at par to yield 6¼% on Friday, a market source said.

The yield printed at the tight end of the revised 6¼% to 6 3/8% yield talk; earlier talk was in the 6½% area.

J.P. Morgan Securities LLC and KeyBanc Capital Markets were the joint bookrunners.

Proceeds will be used to repurchase all of the company's outstanding 8% senior subordinated notes due 2015.

Gibraltar Industries is a Buffalo, N.Y.-based manufacturer and distributor of building products.

Issuer:	Gibraltar Industries, Inc.
Amount:	$210 million
Maturity:	Feb. 1, 2021
Securities:	Senior subordinated notes
Bookrunners:	J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc.
Co-managers:	HSBC Securities (USA) Inc., RBS Securities Inc.
Coupon:	6¼%
Price:	Par
Yield:	6¼%
Spread:	481 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Feb. 1, 2017, then callable at 103.125, 101.563, par on and after Feb. 1, 2019
Equity clawback:	35% at 106.25 until Feb. 1, 2016
Trade date:	Jan. 18
Settlement date:	Jan. 31
Ratings:	Moody's: B2
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6¼% to 6 3/8% yield talk, revised from previous talk in the 6½% area
Marketing:	Roadshow

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