Standard Industries to sell $250 million tap of 5% notes due 2027 in Monday drive-by

By Paul A. Harris

Portland, Ore., May 18 – Standard Industries Inc. plans to price a $250 million add-on to its 5% senior notes due Feb. 15, 2027 (existing ratings Ba2/BBB-) in a Monday drive-by trailing a late-morning conference call with investors, according to a syndicate source.

BofA Securities Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Goldman Sachs & Co. LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable on Feb. 15, 2022 at 102.5.

The Parsippany, N.J.-based roofing company, also known as Building Materials Corp. of America, plans to use the proceeds to redeem its 5½% senior notes due 2023, with remaining proceeds for to be used for general corporate purposes.

The original $500 million issue priced in February 2017.

The add-on notes are intended to become immediately fungible with original notes.

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