By Paul A. Harris
Portland, Ore., Sept. 29 – LSB Industries, Inc. priced a $500 million issue of seven-year senior secured notes (B3/B-) at par to yield 6¼% on Wednesday, according to market sources.
The yield printed at the tight end of yield talk in the 6 3/8% area, tight to initial guidance in the mid-6% area, according to market sources.
Jefferies LLC was the left bookrunner. Joint bookrunners were Goldman Sachs & Co. LLC and UBS Securities LLC.
The Oklahoma City-based industrial and agricultural chemicals producer plans to use the proceeds to redeem its 9 5/8% senior secured notes due 2023.
| Issuer: | LSB Industries, Inc.
|
| Amount: | $500 million
|
| Maturity: | Oct. 15, 2028
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Jefferies LLC
|
| Joint bookrunners: | Goldman Sachs & Co. LLC and UBS Securities LLC
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Call protection: | Three years
|
| Trade date: | Sept. 29
|
| Settlement date: | Oct. 14
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6 3/8% area
|
| Marketing: | Roadshow
|
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