By Paul A. Harris
Portland, Ore., July 31 – Euramax International, Inc., a wholly owned subsidiary of Euramax Holdings, Inc., priced a $385 million issue of five-year senior secured notes (Caa2/B-) at par to yield 12% late Thursday, according to a market source.
The yield printed on top of yield talk.
Deutsche Bank Securities Inc. ran the books.
The Norcross, Ga.-based producer of metal and vinyl products plans to use the proceeds to pay off its 9½% senior secured notes due 2016, with any remaining proceeds to be used for general corporate purposes.
Euramax’s products are sold to the residential repair and remodel, commercial construction and recreational vehicle markets primarily in North America and Europe.
| Issuer: | Euramax International, Inc.
|
| Amount: | $385 million
|
| Maturity: | Aug. 1, 2020
|
| Securities: | Senior secured notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Co-manager: | Regions
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Spread: | 1,038 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps for 2.5 years, then callable at 109
|
| Trade date: | July 30
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody’s Caa2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 12%
|
| Marketing: | Roadshow
|
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