Specialty Building Products to sell $50 million tap of 6 3/8% secured notes due 2026 on Monday

By Abigail W. Adams

Portland, Me., Nov. 2 – Specialty Building Products Holdings LLC, doing business as U.S. Lumber Group and SBP Finance Corp., plans to price a $50 million add-on to its 6 3/8% senior secured notes due 2026 (B3/B-) in a Monday drive-by, according to a market source.

BofA Securities Inc. is the bookrunner for the Rule 144A and Regulation S for life offering.

The add-on will become immediately fungible to the existing notes.

There is a poison put of 101 and a 40% equity clawback until Sept. 30, 2022.

Proceeds will be used for general corporate purposes, which may include acquisitions.

The company originally priced $600 million of the 6 3/8% senior secured notes due 2026 at par on Sept. 15.

Specialty Building Products is an Atlanta-based distributor of specialty building products.

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