By Paul A. Harris
Portland, Ore., Oct. 7 – H.B. Fuller Co. priced a $300 million issue of eight-year senior notes (B2/BB-/BB) at par to yield 4¼%, according to market sources.
The yield printed at the tight end of the 4¼% to 4½% yield talk.
The deal went well, according to a trader, who added that the new notes broke to 101½ bid, 102¼ offered.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used to repay a portion of the company’s term loan under its secured credit facility and for general corporate purposes, including to refinance or repay debt.
The industrial adhesives, sealants, coatings and specialty materials company is based in St. Paul, Minn.
| Issuer: | H.B. Fuller Co.
|
| Amount: | $300 million
|
| Tenor: | Oct. 15, 2028
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.
|
| Co-managers: | BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and PNC Capital Markets LLC
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Spread: | 364 bps over Treasuries
|
| Call protection: | Three years
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 20
|
| Ratings: | Moody’s: B2
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | 4¼% to 4½%
|
| Marketing: | Roadshow
|
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