Headwaters postpones $150 million senior subordinated notes offering, cites market conditions

By Paul A. Harris

St. Louis, July 27 - Headwaters Inc. announced Thursday that it has postponed its $150 million offering of 10-year senior subordinated notes (B3/B), which the company launched during the week of June 19.

The announcement stated that Headwaters "did not complete the offering as conditions within the high-yield market deteriorated dramatically.

"Headwaters viewed this potential offering of notes as an opportunity to put in place a longer-term capital structure and has no immediate need to complete any financing. Accordingly, we do not believe that the current coupon rates associated with senior subordinated notes are attractive to Headwaters at this time."

Morgan Stanley was the bookrunner for the debt refinancing deal.

Headwaters is a South Jordan, Utah-based provider of products, technologies and services to the energy and construction materials industries.

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