Published on 10/5/2021 in the Prospect News High Yield Daily.
New Issue: Thor Industries prices upsized $500 million eight-year notes at par to yield 4%
By Paul A. Harris
Portland, Ore., Oct. 5 – Thor Industries, Inc. priced an upsized $500 million issue of eight-year senior notes (B1/BB-) at par to yield 4% on Tuesday, according to market sources.
The issue size increased from $400 million.
The yield printed at the tight end of yield talk in the 4 1/8% area and tighter than the 4¼% to 4½% initial guidance.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included Barclays, BMO Capital Markets Corp., U.S. Bancorp Investments Inc., BNP Paribas Securities Corp., KeyBanc Capital Markets Inc. and PNC Capital Markets LLC.
The Elkhart, Ind.-based recreational vehicle manufacturer plans to use the proceeds plus cash on hand to pay down its asset-based revolver.
| Issuer: | Thor Industries, Inc.
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Oct. 15, 2029
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Barclays, BMO Capital Markets Corp., U.S. Bancorp Investments Inc., BNP Paribas Securities Corp., KeyBanc Capital Markets Inc. and PNC Capital Markets LLC
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 262 bps
|
| First call: | Oct. 15, 2024 at 102
|
| Trade date: | Oct. 5
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 1/8% area
|
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