By Paul A. Harris
Portland, Ore., May 18 – Standard Industries Inc. priced an upsized $350 million add-on to its 5% senior notes due Feb. 15, 2027 (Ba2/existing BBB-) at 99.5 to yield 5.087% in a Monday drive-by, according to a syndicate source.
Bookrunners were BofA Securities Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Goldman Sachs & Co. LLC.
The issue size increased from $250 million.
The issue price came 25 basis points through the rich end of the 98.75 to 99.25 price talk.
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.
| Issuer: | Standard Industries Inc.
|
| Amount: | $350 million, increased from $250 million
|
| Maturity: | Feb. 15, 2027
|
| Security description: | Add-on to 5% senior notes due Feb. 15, 2027
|
| Bookrunners: | BofA Securities Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Goldman Sachs & Co. LLC
|
| Coupon: | 5%
|
| Price: | 99.5
|
| Yield: | 5.087%
|
| Spread: | 457 bps
|
| First call: | Feb. 15, 2022 at 102.5
|
| Trade date: | May 18
|
| Settlement date: | May 21
|
| Ratings: | Moody's: Ba2
|
| S&P: BBB- (existing)
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 98.75 to 99.25
|
| Marketing: | Drive-by
|
| Original issue: | $500 million priced in February 2017
|
| Fungibility: | Add-on notes to become immediately fungible with original notes
|
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