By Paul A. Harris
Portland, Ore., May 24 - Global Brass & Copper Holdings Inc. priced a $375 million issue of seven-year senior secured notes (B3/B/) at par to yield 9½% on Thursday, according to a market source.
The yield printed 12.5 basis points beyond the wide end of the 9¼% area yield talk.
Goldman Sachs & Co. and Morgan Stanley & Co. LLC are the joint bookrunners.
Proceeds will be used to refinance the company's existing term loan and pay a dividend.
The issuer is a Schaumburg, Ill.-based converter, fabricator, distributor and processor of specialized copper and brass products.
| Issuer: | Global Brass & Copper Holdings Inc.
|
| Amount: | $375 million
|
| Maturity: | June 1, 2019
|
| Securities: | Senior secured notes
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 836 bps
|
| First call: | June 1, 2016 at 104.75
|
| Trade date: | May 24
|
| Settlement date: | June 1
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 9¼% area
|
| Marketing: | Roadshow
|
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