By Paul A. Harris
Portland, Ore., Feb. 2 – Boyne USA, Inc. priced an upsized $150 million add-on to its 4¾% senior notes due May 15, 2029 (B1/B) at par to yield 4.748% in a Wednesday drive-by, according to an informed source.
The issue size increased from $100 million.
The issue price came at the rich end of the 99.75 to par price talk.
Wells Fargo Securities LLC ran the books.
The Boyne Falls, Minn.-based owner and operator of mountain ski resorts plans to use the proceeds, including the incremental proceeds resulting from the $50 million upsizing of the deal, for general corporate purposes and working capital purposes.
| Issuer: | Boyne USA, Inc.
|
| Amount: | $150 million, increased from $100 million
|
| Issue: | Add-on to senior notes
|
| Maturity: | May 15, 2029
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| Bookrunner: | Wells Fargo Securities LLC
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| Coupon: | 4¾%
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| Price: | Par
|
| Yield: | 4.748%
|
| First call: | May 15, 2024 at 102.375
|
| Trade date: | Feb. 2
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| Settlement date: | Feb. 4
|
| Ratings: | Moody's: B1
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| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 99.75 to par
|
| Marketing: | Drive-by
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| Original issue: | $540 million priced in April 2021
|
| Fungibility: | Rule 144A add-on notes immediately fungible with the original notes; Regulation S add-on notes to become fungible with the original notes following a 40-day cooling period
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