Safway marketing $540 million five-year notes; pricing May 6 week

By Paul A. Harris

Portland, Ore., April 29 - Safway Group Holding LLC is marketing a $540 million offering of five-year senior second-lien notes in a deal that is set to price during the May 6 week, market sources say.

Goldman Sachs & Co., Wells Fargo Securities LLC, Morgan Stanley & Co. LLC, Barclays and Lazard Capital Markets LLC are the joint bookrunners.

The Rule 144A and Regulation S notes come with two years of call protection.

Proceeds will be used to repay the company's second-lien senior secured term loan in full and to repay a portion of its ABL credit facility.

Proceeds will also be made to make a distribution to the parent company to enable it to pay a dividend to its equity holders.

Proceeds will also be used for general corporate purposes.

Safway is a Waukesha, Wis.-based provider of scaffolding and access solutions for commercial construction, industrial and infrastructure applications.

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