By Paul A. Harris
Portland, Ore., Aug. 9 – TMS International Corp. priced a $250 million issue of eight-year senior notes (Caa1/B) at par to yield 7¼% on Wednesday, according to a syndicate source.
The yield printed on top of yield talk in the 7¼% area.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners.
The Glassport, Pa.-based provider of mill services for steelmakers plans to use the proceeds to refinance its 7 5/8% senior notes due 2021.
Issuer TMS International Corp.
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 512 bps
|
| First call: | Aug. 15, 2020 at 103.625
|
| Equity clawback: | 40% at 107.25 until Aug. 15, 2020
|
| Trade date: | Aug. 9
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody's: Caa1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7¼% area
|
| Marketing: | Roadshow
|
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