By Paul A. Harris
Portland, Ore., Oct. 7 – BroadStreet Partners Inc. priced a $325 million add-on to its 5 7/8% senior notes due April 15, 2029 (Caa2/CCC+) at 98.25 to yield 6.17%, according to market sources.
The issue price came at the rich end of the 98 to 98.25 price talk. Initial talk was 98 to 98.5.
Bookrunner RBC Capital Markets LLC will bill and deliver.
The Columbus, Ohio-based insurance brokerage plans to use the proceeds to repay revolver debt and for general corporate purposes.
| Issuer: | BroadStreet Partners Inc.
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| Amount: | $325 million
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| Maturity: | April 15, 2029
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| Security description: | Add-on to the 5 7/8% senior notes due April 15, 2029
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| Bookrunner: | RBC Capital Markets LLC (bill and deliver)
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| Coupon: | 5 7/8%
|
| Price: | 98.25
|
| Yield: | 6.17%
|
| First call: | Apr 15, 2024 at 102.938
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| Trade date: | Oct. 7
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| Settlement date: | Oct. 15
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| Ratings: | Moody's: Caa2
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| S&P: CCC+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 98 to 98.25
|
| Marketing: | Roadshow
|
| Original issue: | $400 million priced in April 2021
|
| Total issue size: | $725 million
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