Caliber Collision talks $1.25 billion eight-year notes at 7¾% area; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 18 – Caliber Collision talked its $1.25 billion offering of Wand NewCo 3 Inc. senior secured notes due 2032 (B3/B) to yield in the 7¾% area, according to market sources.

Official talk comes well inside of initial guidance in the low-8% area, a price range at which the offer was heard to have commanded a whopping $7.5 billion of interest among investors, according to traders.

The notes are set to price on Thursday.

The Rule 144A and Regulation S for life eight-year notes become subject to an initial call in three years at par plus 50% of the coupon.

Goldman Sachs & Co. LLC is the left bookrunner. BofA Securities, Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Truist Securities, Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC, BMO Capital Markets Corp., J.P. Morgan Securities LLC, Jefferies LLC, SMBC Nikko Securities America Inc. and PNC Capital Markets LLC are the joint bookrunners.

The Lewisville, Tex.-based collision repair company plans to use the proceeds plus a $2.525 billion term loan B to refinance debt and fund distributions to its parent entity.

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