By Paul A. Harris
Portland, Ore., Oct. 24 - Exopack Holding Corp. priced a $325 million issue of six-year senior notes (Caa2/B-/) at par to yield 7 7/8% on Thursday, according to a market source.
The yield printed at the tight end of yield talk set in the 8% area.
Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Investec and Morgan Stanley & Co. LLC were the joint bookrunners.
Proceeds will be used to refinance debt and to put cash on the balance sheet.
Exopack is a Chicago-based manufacturer of plastic packaging products.
| Issuer: | Exopack Holding Corp.
|
| Amount: | $325 million
|
| Maturity: | Nov. 1, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Investec, Morgan Stanley & Co. LLC
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 658 bps
|
| Call protection: | Three years
|
| Trade date: | Oct. 24
|
| Settlement date: | Nov. 8
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8% area
|
| Marketing: | Roadshow
|
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