GMS talks $300 million eight-year senior notes to yield 4¾%-5%; pricing Thursday

By Paul A. Harris

Portland, Ore., April 14 – GMS Inc. talked its $300 million offering of eight-year senior notes (B2/B) to yield 4¾% to 5% on Wednesday, according to market sources.

Official talk comes tighter than initial guidance in the mid-5% area.

Books close at noon ET on Thursday, and the deal is set to price thereafter.

Barclays is the lead bookrunner. Citizens Capital Markets Inc. and BofA Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The issuing entity will be GYP Holdings III Corp., a direct, wholly owned subsidiary of GMS.

The Tucker, Ga.-based provider of building supplies plans to use the proceeds to partially refinance its senior secured first-lien term loan.

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