Standard Industries to price $650 million five-year notes Thursday

By Paul Deckelman

New York, Feb. 18 – Standard Industries, Inc. is shopping a $650 million offering of five-year senior notes to potential investors, with pricing expected later Thursday, syndicate sources said.

The offering will be marketed via a conference call scheduled for 11 a.m. ET, with pricing expected later in the day.

The bond deal is expected to carry a split rating (Ba2/BBB-) and will be brought to market via BofA Merrill Lynch.

The notes will carry call protection for the first two years after issue.

Standard Industries is a Parsippany, N.J.-based manufacturer and marketer of a broad line of asphalt and polymer-based roofing products, polyisocyanurate insulation products, and accessories for the residential and commercial roofing markets.

The company was formerly known as Building Materials Corp. of America until its official name change, which was announced on Jan. 25. That announcement came concurrently with the announcement that the company’s GAF division – which Standard says is North America’s largest roofing manufacturer – has agreed to acquire Herlev, Denmark-based Icopal, a leading pan-European manufacturer of roofing and other waterproofing products, from Investcorp Ltd for about €1 billion.

Proceeds from the new bond deal will be part of the acquisition funding for the Icopal purchase.

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