By Paul A. Harris
Portland, Ore., Dec. 11 – Standard Industries Inc. priced an upsized $900 million issue of split-rated 10-year senior notes (Ba2/BBB-) at par to yield 4¾% in a quick-to-market Monday deal, according to market sources.
The issue size was increased from $750 million
The yield printed in the middle of yield talk in the 4¾% area. Initial guidance was 4¾% to 4 7/8%.
BofA Merrill Lynch was the left bookrunner. Deutsche Bank Securities Inc. and Goldman Sachs & Co. were joint bookrunners.
The Parsippany, N.J.-based company plans to use the proceeds to fund a tender offer for its 5 1/8% senior notes due 2021.
Standard Industries is a privately held, global, diversified holding company with interests in building materials, aggregates, and related investment businesses in public equities and real estate.
| Issuer: | Standard Industries Inc.
|
| Amount: | $900 million, increased from $750 million
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 236 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Jan. 15, 2023, then callable at a premium
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 18
|
| Ratings: | Moody's: Ba2
|
| S&P: BBB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 4¾% area
|
| Marketing: | Quick to market
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
