By Paul A. Harris
Portland, Ore., Aug. 7 – BWAY Intermediate Co., Inc. priced a downsized $650 million issue of 9 1/8% seven-year senior notes (Caa2/CCC/) at 99.364 to yield 9¼% on Thursday, according to a syndicate source.
The deal was downsized from $770 million.
The yield printed 12.5 basis points wide of yield talk in the 9% area, according to a market source.
BofA Merrill Lynch was the bookrunner.
The Atlanta-based supplier of general line rigid containers plans to use the proceeds to pay a special dividend.
| Issuer: | BWAY Holding Co.
|
| Face amount: | $650 million, decreased from $770 million
|
| Proceeds: | $646 million
|
| Maturity: | Aug. 15, 2021
|
| Securities: | Senior notes
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 9 1/8%
|
| Price: | 99.364
|
| Yield: | 9¼%
|
| Spread: | 715 bps
|
| First call: | Aug. 15, 2017 at 106.844
|
| Trade date: | Aug. 7
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9% area
|
| Marketing: | Roadshow
|
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