By Paul A. Harris
Portland, Ore., March 8 - Headwaters Inc. priced a $400 million issue of eight-year senior secured notes (B2/B+) at par to yield 7 5/8% late Tuesday, according to an informed source.
The yield printed on top of the price talk.
Deutsche Bank Securities Inc. ran the books.
The company plans to use the proceeds to fund its tender offer for any and all of its $328.3 million of 11 3/8% senior secured notes due 2014.
South Jordan, Utah-based Headwaters is a provider of products and services to the energy, construction and home-improvement industries.
| Issuer: | Headwaters Inc.
|
| Amount: | $400 million
|
| Maturity: | April 1, 2019
|
| Securities: | Senior secured notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Co-managers: | U.S. Bancorp, Avondale, Canaccord, Stephens, Wedbush
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | 443 bps
|
| First call: | April 1, 2015 at 103.813
|
| Trade date: | March 8
|
| Settlement date: | March 11
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7 5/8% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
