By Paul A. Harris
Portland, Ore., July 17 – GC EOS Buyer, Inc., doing business as BBB Industries, priced a $240 million issue of 9¼% five-year senior secured notes (Caa1/CCC+) at 95.229 to yield 10½% on Friday, according to market sources.
The coupon came on top of coupon talk, the issue price came in line with price talk which specified a discount, and the yield came at the wide end of the 10¼% to 10½% yield talk. Early guidance was in the low-to-mid 10% area, including an original issue discount.
UBS Securities LLC was the left lead bookrunner.
The Daphne, Ala.-based re-manufacturer of alternators and starters plans to use the proceeds to repay a funded bridge facility and fully repay the current ABL draw.
| Issuer: | GC EOS Buyer, Inc.
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| Amount: | $240 million
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| Maturity: | Aug. 1, 2025
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| Securities: | Senior secured notes
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| Left lead bookrunner: | UBS Securities LLC
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| Joint bookrunners: | BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC
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| Coupon: | 9¼%
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| Price: | 95.229
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| Yield: | 10½%
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| First call: | Aug. 1, 2022 at 104.625
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| Trade date: | July 17
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| Settlement date: | July 31
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| Ratings: | Moody's: Caa1
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| S&P: CCC+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 9¼% coupon at a discount to yield 10¼% to 10½%
|
| Marketing: | Roadshow
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