By Paul A. Harris
Portland, Ore., April 26 - Building Materials Corp. of America priced a $1 billion issue of 6¾% 10-year notes (Ba3/BB+) at 99.106 to yield 6 7/8% on Tuesday, according to market sources.
The yield printed on top of the price talk.
Deutsche Bank Securities Inc. was the left bookrunner for the quick-to-market issue. Merrill Lynch and Citigroup Global Markets Inc. were joint bookrunners.
Proceeds will be used to repay bank debt and to fund a distribution to the parent.
The issuer is a Wayne, N.J.-based roofing company.
| Issuer: | Building Materials Corp. of America
|
| Amount: | $1 billion
|
| Maturity: | May 1, 2021
|
| Securities: | Senior notes
|
| Left bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunners: | Merrill Lynch, Citigroup Global Markets Inc.
|
| Coupon: | 6¾%
|
| Price: | 99.106
|
| Yield: | 6 7/8%
|
| Spread: | 358 bps
|
| Call protection: | Five years
|
| Trade date: | April 26
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 6 7/8% area
|
| Marketing: | Quick-to-market
|
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