By Paul A. Harris
Portland, Ore., May 20 – Global Infrastructure Solutions Inc. priced a $400 million issue of eight-year senior notes (B1/BB-) at par to yield 5 5/8% on Thursday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 5¾% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The New York-based provider of services to engineering and construction companies plans to use the proceeds for general corporate purposes, including funding future organic growth and growth through acquisitions.
| Issuer: | Global Infrastructure Solutions Inc.
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| Amount: | $400 million
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| Maturity: | June 1, 2029
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| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | BMO Capital Markets Corp., Capital One Securities Inc., HSBC Securities (USA) Inc., M&T Bank Corp., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 420 bps
|
| Call protection: | Three years
|
| Trade date: | May 20
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| Settlement date: | June 1
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| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
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