Standard Industries driving by with $500 million tap of 4 3/8% notes due 2030; talk 98.75-99

By Paul A. Harris

Portland, Ore., Dec. 8 – Standard Industries Inc. plans to price a $500 million add-on to its 4 3/8% senior notes due 2030 (existing ratings B1/BB) in a Wednesday drive-by, according to market sources.

Initial price talk has the Rule 144A and Regulation S tap coming at an issue price of 98.75 to 99.

Deutsche Bank Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and BNP Paribas Securities Corp. are the joint bookrunners.

The New York-based privately held industrial company plans to use the proceeds plus cash on hand to repay $900 million under its term loan B.

The original $1.1 billion issue priced in June 2020.

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