By Andrea Heisinger
New York, April 8 - Worthington Industries Inc. sold $150 million 6.5% 10-year senior unsecured notes on Thursday to yield Treasuries plus 262.5 basis points, a source close to the sale said.
There was no price talk for the deal, the source said, adding that it "went directly to a launch."
The notes (Baa2/BBB/) priced at 99.89 to yield 6.515%.
The notes have a make-whole call at Treasuries plus 45 bps and feature a change-of-control put of 101%.
Credit Suisse Securities and Wells Fargo Securities were the bookrunners. Co-managers were Bank of America Merrill Lynch, J.P. Morgan Securities Inc., PNC Capital Markets, RBS Securities Inc. and Scotia Capital.
Proceeds are going to repay borrowings under a revolving credit facility and under a revolving trade accounts receivable securitization facility.
The metal processing company is based in Columbus, Ohio.
| Issuer: | Worthington Industries Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $150 million
|
| Maturity: | April 15, 2020
|
| Bookrunners: | Credit Suisse Securities, Wells Fargo Securities
|
| Co-managers: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., PNC Capital Markets, RBS Securities Inc., Scotia Capital
|
| Coupon: | 6.5%
|
| Price: | 99.89
|
| Yield: | 6.515%
|
| Spread: | Treasuries plus 262.5 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Change-of-control put: | 101%
|
| Trade date: | April 8
|
| Settlement date: | April 13
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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