By Paul A. Harris
Portland, Ore., May 6 – Victors Merger Corp. priced a $550 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 6 3/8% on Thursday, according to a syndicate source.
The deal, which was in the market to support the buyout of ACProducts Holdings, Inc. (Cabinetworks), priced in the middle of yield talk in the 6 3/8% area.
Subsequent to pricing, the deal traded up 1 point to 1½ points, a trader said.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Citigroup Global Markets Inc., Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, KKR Capital Markets LLC, BMO Capital Markets Corp., Jefferies LLC and RBC Capital Markets LLC.
Proceeds plus an equity investment and new credit facilities will be used to support the acquisition of ACProducts Holdings by Platinum Equity Advisors, LLC.
Cabinetworks is a cabinetry manufacturer with administrative offices in Ann Arbor, Mich., Waconia, Minn., and The Colony, Tex.
| Issuer: | Victors Merger Corp.
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| Amount: | $550 million
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| Maturity: | May 15, 2029
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| Securities: | Senior notes
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | Citigroup Global Markets Inc., Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, KKR Capital Markets LLC, BMO Capital Markets Corp., Jefferies LLC and RBC Capital Markets LLC
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| Coupon: | 6 3/8%
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| Price: | Par
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| Yield: | 6 3/8%
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| Spread: | 500 bps
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| First call: | May 15, 2024 at 103.188
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| Trade date: | May 6
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| Settlement date: | May 17
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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: | 6 3/8% area
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| Marketing: | Roadshow
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