American Bath/CP Atlas offers $175 million more 7% notes due 2028

By Paul A. Harris

Portland, Ore., Jan. 13 – CP Atlas Buyer, Inc., also known as American Bath Group LLC, began shopping a $175 million add-on to its 7% senior notes due Dec. 1, 2028 (existing ratings Caa2/CCC+) on a late Wednesday morning conference call, according to a syndicate source.

Left lead bookrunner RBC Capital Markets LLC will bill and deliver. BofA Securities Inc., Credit Suisse Securities (USA) LLC, Barclays, BMO Capital Markets Corp., Truist Securities Inc., UBS Securities LLC, Fifth Third Securities Inc., Stifel, Nicolaus & Co. Inc., Apollo Global Securities LLC and KKR Capital Markets LLC are joint bookrunners.

The Rule 144A for life notes become callable on Dec. 1, 2023 at 103.5.

The Savannah, Tenn.-based designer and manufacturer of fiberglass reinforced plastic, sheet molded compound and acrylic bathtubs and showers plans to use the proceeds to pay a dividend to its parent company, with any remaining proceeds to be used for general corporate purposes.

The original $335 million issue priced in November 2020.

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