Iris Holdings (Innophos) expected to price $175 million five-year PIK toggle notes on Thursday

By Paul A. Harris

Portland, Ore., Feb. 3 – Innophos scheduled a late Wednesday morning conference call with investors to shop an Iris Holdings, Inc. $175 million offering of five-year senior PIK toggle notes (expected ratings Caa1/CCC+), according to an informed source.

The Rule 144A and Regulation S deal is expected to price on Thursday.

Bookrunner RBC Capital Markets LLC will bill and deliver.

The notes come with two years of call protection.

The Cranbury, N.J.-based producer of phosphate salts, acids, and related products plans to use the proceeds to fund a shareholder distribution.

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