By Paul A. Harris
Portland, Ore., Jan. 11 – Specialty Building Products Holdings, LLC, which does business as Lumber Group, priced a $75 million add-on to its 6 3/8% senior secured notes due Sept. 30, 2026 (B3/B-) at 104 to yield 5.544% in a Monday drive-by, according to an informed source.
The issue price came at the rich end of the 103.5 to 104 price talk.
BofA Securities Inc. ran the books.
Proceeds will be used in connection with the pending acquisition of a majority stake in Specialty Building Products, LLC by a fund established by The Jordan Co.
The issuer is an Atlanta-based distributor of specialty building products
| Issuers: | Specialty Building Products Holdings, LLC and SBP Finance Corp.
|
| Amount: | $75 million
|
| Maturity: | Sept. 30, 2026
|
| Security description: | Add-on to 6 3/8% senior secured notes due Sept. 30, 2026
|
| Bookrunner: | BofA Securities Inc.
|
| Coupon: | 6 3/8%
|
| Price: | 104
|
| Yield: | 5.544%
|
| Spread: | 494 bps
|
| First call date: | Sept. 30, 2022
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 20
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 103.5 to 104
|
| Marketing: | Drive-by
|
| Original issue: | $600 million priced at par in September 2020
|
| Previous add-on: | $50 million priced in November 2020
|
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