Published on 6/8/2017 in the Prospect News High Yield Daily.
New Issue: Superior Industries prices upsized €250 million eight-year notes at par to yield 6%
By Paul A. Harris
Portland, Ore., June 8 – Superior Industries International, Inc. priced an upsized €250 million issue of eight-year senior notes (Caa1/B-) at par to yield 6% on Thursday, according to a market source.
The issue size was increased from €240 million.
The yield printed at the tight end of the 6% to 6¼% yield talk and in line with initial guidance in the low 6% area.
Joint bookrunner JPMorgan will bill and deliver. Citigroup, RBC and Deutsche Bank were also joint bookrunners.
The Southfield, Mich.-based supplier of aluminum wheels plans to use the proceeds to repay a €240 million bridge loan that was entered into in conjunction with its purchase of outstanding shares of Uniwheels AG.
| Issuer: | Superior Industries International, Inc.
|
| Amount: | €250 million, increased from €240 million
|
| Maturity: | June 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | JPMorgan (bill and deliver), Citigroup, RBC, Deutsche Bank
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Call: | Make-whole call at Bunds plus 50 bps until June 15, 2020, then callable at 103
|
| Trade date: | June 8
|
| Settlement date: | June 15
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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