HD Supply expects to sell $1.275 billion senior notes due 2020 Tuesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Jan. 29 - HD Supply Inc. is pricing $1.275 billion of senior notes due July 15, 2020 (existing ratings Caa1/CCC+) on Tuesday, according to a market source.

Bank of America Merrill Lynch, Goldman Sachs & Co., Barclays, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC and UBS Securities LLC are joint bookrunners.

Baird, BB&T Capital Markets, Raymond James & Associates Inc. and SunTrust Robinson Humphrey Inc. are co-managers.

The Rule 144A with registration rights and Regulation S notes will be callable starting on Oct. 15, 2016. The notes carry a 101% poison put.

The maturity and first call dates are the same as the company's existing 11½% senior notes due 2020.

Proceeds will be used to refinance the company's 14 7/8% senior notes due 2020.

HD Supply is an Atlanta-based industrial distributor serving the infrastructure and energy, maintenance, repair and improvement, and specialty construction sectors.

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