New Issue: Building Materials upsizes to $200 million, 10-year notes yield 7¾%

By Paul A. Harris

St. Louis, July 21 - Building Materials Corp. of America priced an upsized $200 million issue of 10-year senior secured notes (B2/B+) at par on Wednesday to yield 7¾%, according to a syndicate source.

Price talk was 7¾% to 8%.

Citigroup and Deutsche Bank Securities ran the books for the Rule 144A/Regulation S issue. JP Morgan was the co-manager.

Proceeds will be used to repay bank debt and for general corporate purposes.

The issuer is a Wayne, N.J., manufacturer of asphalt roofing products and accessories.

Issuer:	Building Materials Corp. of America
Amount:	$200 million (increased from $150 million)
Maturity:	Aug. 1, 2014
Security description:	Senior secured notes
Bookrunners:	Citigroup, Deutsche Bank Securities
Co-manager:	JP Morgan
Coupon:	7¾%
Price:	Par
Yield:	7¾%
Spread:	327 basis points
Call features:	Callable after Aug. 1, 2009 at 103.875, 102.583, 101.292, par on or after Aug. 1, 2012
Equity clawback:	Until Aug. 1, 2007 for 35% at 107.75
Pricing date:	July 21
Settlement date:	July 26
Ratings:	Moody's: B2
	Standard & Poor's: B+
Price talk:	7¾%-8%

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