Published on 7/13/2020 in the Prospect News High Yield Daily.
New Issue: Boise Cascade prices $400 million 10-year notes at par to yield 4 7/8%
By Paul A. Harris
Portland, Ore., July 13 – Boise Cascade Co. priced a $400 million issue of 10-year senior notes (Ba2/BB-) at par to yield 4 7/8% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 5% area. Initial talk was 5% to 5¼%.
The Boise, Idaho-based company plans to use the proceeds to refinance its 5 5/8% notes due 2024 and its existing term loan due 2026.
Boise Cascade is a producer of engineered wood products and plywood and a distributor of building products.
| Issuer: | Boise Cascade Co.
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| Amount: | $400 million
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| Maturity: | July 1, 2030
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| Securities: | Senior notes
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| Left bookrunner: | Wells Fargo Securities, LLC
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| Joint bookrunners: | BofA Securities Inc., U.S. Bancorp Investments Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Citizens Capital Markets Inc.
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| Coupon: | 4 7/8%
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| Price: | Par
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| Yield: | 4 7/8%
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| Spread: | 424 bps
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| First call: | July 1, 2025 at 102.438
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| Trade date: | July 13
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| Settlement date: | July 27
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| Ratings: | Moody's: Ba2
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 5% area
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| Marketing: | Drive-by
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