Paul A. Harris
Portland, Ore., Jan. 19 – Builders FirstSource, Inc. priced a $300 million add-on to its 4¼% senior notes due Feb. 1, 2032 (Ba2/BB-) at 100.5 to yield 4.188% in a Wednesday drive-by, according to market sources.
The issue price came at the rich end of the 100 to 100.5 price talk. Initial talk was in the 100 area.
The deal was heard to be playing to $800 million of orders at 1 p.m. ET on Wednesday, a trader said.
BofA Securities Inc. was at the left of a syndicate of deal managers that also included Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Truist Securities Inc. and Wells Fargo Securities LLC.
The Dallas-based building materials supplier plans to use the proceeds to repay debt under its ABL facility.
| Issuer: | Builders FirstSource, Inc.
|
| Amount: | $300 million
|
| Issue: | Add-on to senior notes
|
| Maturity: | Feb. 1, 2032
|
| Joint bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Truist Securities Inc. and Wells Fargo Securities LLC
|
| Co-managers: | RBC Capital Markets LLC and U.S. Bancorp Investments Inc.
|
| Coupon: | 4¼%
|
| Price: | 100.5
|
| Yield: | 4.188%
|
| Spread: | 236 bps
|
| First call: | Aug. 1, 2026 at 102.125
|
| Trade date: | Jan. 19
|
| Settlement date: | Jan. 21
|
| Ratings: | Moody's: Ba2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 100 to 100.5
|
| Marketing: | Drive-by
|
| Original issue: | $1 billion priced in July 2021
|
| Fungibility: | Add-on notes will become fungible with the original notes after the Feb. 1 interest payment date
|
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