American Bath starts roadshow for $335 million eight-year notes

By Paul A. Harris

Portland, Ore., Nov. 17 – CP Atlas Buyer, Inc., also known as American Bath Group, started a roadshow on Tuesday for a $335 million offering of eight-year senior notes (existing ratings Caa2/CCC+), according to market sources.

An investor call was scheduled for noon ET on Tuesday.

The roadshow wraps up on Monday.

Initial guidance is in the 8% area, a trader said.

Lead left bookrunner RBC Capital Markets LLC will bill and deliver. Credit Suisse Securities (USA) LLC, BofA Securities Inc., BMO Capital Markets Corp., Truist Securities Inc., Barclays, UBS Securities LLC, Fifth Third Securities Inc., Stifel, Nicolaus & Co. Inc., Apollo and KKR are the joint bookrunners.

The Rule 144A for life notes come with three years of call protection.

Proceeds will be used to pay off the bridge credit facility. If the acquisition of American Bath by Centerbridge Partners is consummated substantially concurrently with or following the closing of the notes offering, the company may elect not to borrow funds under the bridge, in which case proceeds will be used to fund the acquisition.

The prospective issuer is a Savannah, Tenn.-based designer and manufacturer of fiberglass reinforced plastic, sheet molded compound and acrylic bathtubs and showers.

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