By Paul A. Harris
Portland, Ore., April 27 – Jeld-Wen, Inc. priced a $250 million issue of five-year senior secured notes (Ba2/BB+) at par to yield 6¼% in a Monday drive-by, according to market sources.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The yield printed in the middle of yield talk in the 6¼% area and inside of initial talk in the mid-6% area.
The Klamath Falls, Ore.-based door and window manufacturer plans to use the proceeds to repay $100 million under its ABL facility and for general corporate purposes.
| Issuer: | Jeld-Wen, Inc.
|
| Amount: | $250 million
|
| Maturity: | May 15, 2025
|
| Securities: | Senior secured notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc.
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 583 bps
|
| Call protection: | Two years
|
| Trade date: | April 27
|
| Settlement date: | May 4
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% area
|
| Marketing: | Drive-by
|
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