By Paul A. Harris
Portland, Ore., March 26 – GCP Applied Technologies Inc. priced a $350 million issue of non-callable eight-year senior notes (B1/BB) at par to yield 5½% in a quick-to-market Monday trade, according to market sources.
The yield printed in the middle of yield talk in the 5½% area. Initial talk had the deal coming to yield 5½% to 5¾%.
BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., Citigroup Global Markets Inc., PNC Capital Markets LLC and KeyBanc Capital Markets LLC were the joint bookrunners.
The Cambridge, Mass.-based provider of construction products technologies plans to use the proceeds, together with up to $50 million of borrowings under its credit facility and cash on hand, to pay off all $525 million of its 9½% senior notes due 2023 that remain outstanding and for general corporate purposes.
| Issuer: | GCP Applied Technologies Inc.
|
| Amount: | $350 million
|
| Maturity: | April 15, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., Citigroup Global Markets Inc., PNC Capital Markets LLC, KeyBanc Capital Markets LLC
|
| Co-manager: | Citizens Capital Markets Inc.
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 268 bps
|
| Call protection: | Non-callable
|
| Trade date: | March 26
|
| Settlement date: | April 10
|
| Ratings: | Moody's: B1
|
| S&P: BB
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5½% area
|
| Marketing: | Quick to market
|
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