By Paul A. Harris
Portland, Ore., March 11 - Euramax International, Inc. priced a $375 million issue of five-year senior secured notes (Caa1/B-/) at par to yield 9½% on Friday, according to an informed source.
The yield printed 37.5 basis points beyond the wide end of the 9% area price talk.
Deutsche Bank Securities Inc. ran the books.
The notes become callable in two years at 107.125. However, a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
Proceeds will be used to refinance first-lien bank debt.
Euramax is a Norcross, Ga., producer of aluminum, steel, vinyl and fiberglass building supplies.
| Issuer: | Euramax International, Inc.
|
| Amount: | $375 million
|
| Maturity: | April 1, 2016
|
| Securities: | Senior secured notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Co-managers: | Gleacher Securities, Wells Fargo Securities, Morgan Keegan
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Call features: | Callable on April 1, 2013 at 107.125, 104.75, par on and after April 1, 2015 (Special call provision allows issuer to call 10% of the notes annually at 103 during the non-call period)
|
| Equity clawback: | 35% at 109.5 until April 1, 2013
|
| Trade date: | March 11
|
| Settlement date: | March 18
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 9% area
|
| Marketing: | Roadshow
|
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