By Paul A. Harris
Portland, Ore., Aug. 8 – NCSG Crane & Heavy Haul Corp. priced a downsized $305 million issue of five-year senior secured second-lien notes (B3/B-/) at par to yield 9½% on Friday, according to an informed source.
The deal was downsized from $310 million.
A structural change saw call protection extended to three years from two years, and the first call premium increased to par plus the full coupon, 109.5, an increase from a previously proposed first call premium of par plus 75% of the coupon.
Price talk on the deal was not widely circulated, according to traders. However “price whisper” specifying a 9% yield circulated as recently as Thursday afternoon, according to a trader, who added that the deal had been guided at 7½% to 8% when it was launched on July 28.
Goldman Sachs & Co. was the left bookrunner. RBC Capital Markets is the joint bookrunner.
Proceeds, together with borrowings under the new ABL facility and an equity contribution, will be used to fund the acquisition of the company by TriWest Capital Partners and Alberta Teachers’ Retirement Fund.
The issuer is an Edmonton, Alta.-based provider of mobile crane rental and heavy haul services.
| Issuer: | NCSG Crane & Heavy Haul Corp.
|
| Amount: | $305 million, decreased from $310 million
|
| Maturity: | Aug. 15, 2019
|
| Securities: | Senior secured second-lien notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunner: | RBC Capital Markets
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| First call: | Aug. 15, 2017 at 109.5
|
| Trade date: | Aug. 8
|
| Settlement date: | Aug. 25
|
| Ratings: | Moody’s: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
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