J.B. Poindexter prices tender offer for 7 1/8% notes due 2026

By William Gullotti

Buffalo, N.Y., Dec. 12 – J.B. Poindexter & Co., Inc. priced its cash tender offer to purchase any and all of its $550 million outstanding 7 1/8% senior notes due 2026 (Cusip: 730481AJ7, U7264XAA8), according to a press release on Tuesday.

The purchase price will be $1,005.50 per $1,000 principal amount, calculated based on the 3/8% U.S. Treasury due April 15, 2024 and a fixed spread of 0 basis points and reflecting a reference yield of 5.337%.

The company will also pay accrued interest to but excluding the settlement date of the offer.

The tender offer is set to expire at 5 p.m. ET on Dec. 12. Tenders may be withdrawn prior to that time.

Settlement is expected to be on Dec. 18.

The tender offer is subject to a financing condition.

As previously reported Dec. 7, the company issued $600 million of 8¾% senior notes due 2031. Proceeds will be used to fund the tender offer and to redeem any 2026 notes that remain outstanding after the tender offer.

The company intends to redeem any remaining 2026 notes on April 15 at par.

J.P. Morgan Securities LLC (212 834-4818 or 866 834-4666) is dealer manager for the tender offer.

D.F. King & Co., Inc. (212 269-5550 or 800 967-7635) is the tender agent and information agent.

The Houston-based company designs, manufactures and markets commercial truck bodies, step vans and delivery vehicles, service/utility truck and van bodies, commercial vehicle storage and shelving systems, pick-up truck caps and tonneau covers, funeral coaches and limousines, specialty industrial parts and expandable foam packaging products.

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