By Paul A. Harris
Portland, Ore., April 24 – Optimas OE Solutions, LLC and Optimas OE Solutions, Inc. priced a $225 million issue of senior secured notes due June 1, 2021 (B3/B-) at par to yield 8 5/8% on Friday, according to an informed source.
The yield printed at the tight end of yield talk in the 8¾% area.
Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.
Proceeds will be used to fund American Industrial Partners' acquisition of the OEM supply segment of Anixter, Inc.
The issuer is a Glenview, Ill.-based distributor of enterprise cabling and security solutions, electrical and electronic wire and cable and OEM supply fasteners and other small parts.
| Issuers: | Optimas OE Solutions Holding, LLC and Optimas OE Solutions, Inc.
|
| Amount: | $225 million
|
| Maturity: | June 1, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 706 bps
|
| First call: | June 1, 2018 at 104.313
|
| Trade date: | April 24
|
| Settlement date: | May 8
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% area
|
| Marketing: | Roadshow
|
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