By Paul A. Harris
St. Louis, May 27 - Maax Corp. sold $150 million of eight-year senior subordinated notes (B3/B-) at par on Thursday to yield 9¾%, according to a syndicate source.
Price talk was 9¾% to 10%.
Goldman Sachs & Co. had the physical books on the Rule 144A/Regulation S with registration rights offering. Merrill Lynch & Co. was the joint bookrunner. RBC Capital Markets was co-manager.
Proceeds will be used to help fund the acquisition of Maax Corp. and repay debt. The sponsors are J.W. Childs, Borealis Private Equity LP, and Ontario Municipal Employee Retirement System.
The issuer is a Sainte-Marie de Beauce, Que., manufacturer of bathroom products and accessories.
| Issuer: | Maax Corp.
|
| Amount: | $150 million
|
| Maturity: | June 15, 2012
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunner: | Merrill Lynch & Co.
|
| Co-manager: | RBC Capital Markets
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 529 basis points
|
| Call features: | Callable after June 15, 2008 at 104.875, 102.438, par on or after June 15, 2010
|
| Equity clawback: | Until June 15, 2007 for 35% at 109.75
|
| Pricing date: | May 27
|
| Settlement date: | June 4
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 9¾%-10%
|
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