Advanced Drainage Systems to hold roadshow for up to $350 million of senior notes due 2027

By Cristal Cody

Tupelo, Miss., Sept. 13 – Advanced Drainage Systems, Inc. will hold a roadshow on Monday and Tuesday for up to $350 million of Rule 144A- and Regulation S-eligible senior notes due 2027 (B1/B), according to a market source and news release on Friday.

The deal is expected to price in the back half of the upcoming week.

Morgan Stanley & Co. LLC, Barclays, BofA Securities Inc., PNC Capital Markets LLC, BMO Capital Markets Corp., Fifth Third Securities, Inc. and HSBC Securities (USA) Inc. are the joint bookrunners.

The notes will be guaranteed by each of the company’s present and future direct and indirect domestic subsidiaries that guarantee its senior secured credit facility.

Advanced Drainage plans to sell the notes as part of a funding package that includes a $700 million first-lien term loan and a $350 million five-year revolving credit facility.

Proceeds will be used, together with proceeds from $1.05 billion of credit facilities and a recent equity offering, to repay a portion of the outstanding debt under the company’s existing senior secured credit facility that was incurred to fund its $1.08 billion acquisition of Infiltrator Water Technologies Ultimate Holdings, Inc.

Advanced Drainage Systems is a Hilliard, Ohio-based manufacturer of plastic corrugated pipes and other drainage products.

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