Published on 3/2/2017 in the Prospect News High Yield Daily.
New Issue: BlueLine Rental prices upsized $1.1 billion seven-year notes at par to yield 9¼%
By Paul A. Harris
Portland, Ore., March 2 – BlueLine Rental priced an upsized $1.1 billion issue of seven-year senior secured second-lien notes (Caa1/B) at par to yield 9¼% on Thursday, according to market sources.
The issue size was increased from $1,025,000,000.
The yield printed inside of initial guidance in the high 9% to 10% area.
BofA Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and Wells Fargo Securities LLC were the joint bookrunners.
The Shippensburg, Pa.-based construction equipment rental company, formerly known as Volvo Rents, plans to use the proceeds to refinance debt.
| Issuers: | BlueLine Rental Finance Corp. and BlueLine Rental, LLC
|
| Amount: | $1.1 billion, increased from $1,025,000,000
|
| Maturity: | March 15, 2024
|
| Securities: | Senior secured second-lien notes
|
| Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays, Wells Fargo Securities LLC
|
| Co-managers: | MUFG, BMO, Citizens, PNC
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 692 bps
|
| First call date: | March 15, 2020
|
| Trade date: | March 2
|
| Settlement date: | March 16
|
| Ratings: | Moody's: Caa1
|
| S&P: B
|
| Distribution: | Rule 144A for life
|
| Marketing: | Roadshow
|
| Initial guidance: | High 9% to 10% area
|
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