Published on 8/7/2014 in the Prospect News High Yield Daily.
New Issue: Brundage-Bone sells $140 million seven-year notes to yield 10 3/8%
By Paul A. Harris
Portland, Ore., Aug. 7 – Brundage-Bone Concrete Pumping, Inc. priced a $140 million issue of seven-year senior secured notes (B3/B/) at par to yield 10 3/8% on Thursday, according to an informed source.
The yield printed in the middle of the 10¼% to 10½% yield talk.
Jefferies LLC was the bookrunner.
Proceeds will be used to fund the acquisition of Brundage-Bone, a Denver-based provider of concrete pumping services, by Peninsula Pacific Strategic Partners LLC.
| Issuer: | Brundage-Bone Concrete Pumping, Inc.
|
| Amount: | $140 million
|
| Maturity: | Sept. 1, 2021
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 10 3/8%
|
| Price: | Par
|
| Yield: | 10 3/8%
|
| First call: | Sept. 1, 2017 at 107.781
|
| Equity clawback: | 35% at 110.375 until Sept. 1, 2017
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 7
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody’s: B3
|
| Standard & Poor’s: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 10¼% to 10½%
|
| Marketing: | Roadshow
|
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