By Paul A. Harris
Portland, Ore., Nov. 12 – Interface Inc. priced a $300 million issue of eight-year senior notes (B1/B+) at par to yield 5˝% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 5 5/8% area. Initial guidance was in the high 5% area.
BofA Securities Inc., Truist Securities Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC and Regions Securities LLC were the joint bookrunners.
Proceeds will be used to repay certain term loans and other debt under the company’s existing credit facility and for general corporate purposes.
Interface is an Atlanta-based commercial flooring company.
| Issuer: | Interface Inc.
|
| Amount: | $300 million
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| Maturity: | Dec. 1, 2028
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| Securities: | Senior notes
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| Bookrunners: | BofA Securities Inc., Truist Securities Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC and Regions Securities LLC
|
| Co-managers: | TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Barclays
|
| Coupon: | 5˝%
|
| Price: | Par
|
| Yield: | 5˝%
|
| Spread: | 476 bps
|
| Call protection: | Three years
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| Trade date: | Nov. 12
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| Settlement date: | Nov. 17
|
| Ratings: | Moody's: B1
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| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 5/8% area
|
| Marketing: | Roadshow
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