By Paul A. Harris
Portland, Ore., Jan. 13 - American Standard Brands priced an upsized $187.5 million issue of five-year senior secured notes (B3/B) at par to yield 10¾% on Thursday, according to an informed source.
The yield printed at the tight end of the 10¾% to 11% price talk.
Goldman Sachs & Co. was the left bookrunner for the quick-to-market issue, which was upsized from $175 million. UBS Investment Bank was the joint bookrunner.
The notes were issued via subsidiary AS America, Inc.
The Piscataway, N.J., manufacturer of bath and kitchen fixtures will use the proceeds to repay bank debt and for general corporate purposes.
| Issuer: | AS America, Inc. (American Standard Brands)
|
| Amount: | $187.5 million (increased from $175 million)
|
| Maturity: | Jan. 15, 2016
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunner: | UBS Investment Bank
|
| Coupon: | 10¾%
|
| Price: | Par
|
| Yield: | 10¾%
|
| Spread: | 872 bps
|
| Call protection: | Callable after 2.5 years at 105.375
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life
|
| Price talk: | 10¾% to 11%
|
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