By Paul A. Harris
Portland, Ore., April 19 – Apergy Corp. priced a $300 million issue of eight-year senior notes (B1/B) at par to yield 6 3/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 6½% area.
J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds, together with the term loan and a draw on the revolver, will be used to fund the spinoff of the Woodlands, Texas-based provider of highly engineered technologies to the oil and gas industry from Dover Corp.
| Issuer: | Apergy Corp.
|
| Amount: | $300 million
|
| Maturity: | May 1, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities, Wells Fargo Securities LLC
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 347 bps
|
| Call protection: | Three years
|
| Trade date: | April 19
|
| Settlement date: | May 3
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6½% area
|
| Marketing: | Roadshow
|
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