Published on 11/19/2015 in the Prospect News High Yield Daily.
New Issue: ABC Supply prices $350 million eight-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., Nov. 19 – American Builders & Contractors Supply Co., Inc., which does business as ABC Supply Co., Inc., priced a $350 million issue of eight-year senior notes (B3/BB-) at par to yield 5¾% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 5 7/8% area.
Deutsche Bank Securities Inc., BofA Merrill Lynch and RBC Capital Markets Corp. are the joint bookrunners for the Rule 144A and Regulation S for life offering.
The Nashville, Tenn.-based building materials company plans to use the proceeds to repay debt.
Issuer: | American Builders & Contractors Supply Co., Inc., which does business as ABC Supply Co., Inc.
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Amount: | $350 million
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Maturity: | Dec. 15, 2023
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Securities: | Senior notes
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Bookrunners: | Deutsche Bank Securities Inc., BofA Merrill Lynch, RBC Capital Markets Corp.
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Co-managers: | SunTrust Robinson Humphrey Inc., UBS Investment Bank, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
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Coupon: | 5¾%
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Price: | Par
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Yield: | 5¾%
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Call protection: | Three years
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Trade date: | Nov. 19
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Settlement date: | Nov. 24
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Ratings: | Moody's: B3
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| Standard & Poor's: BB-
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Distribution: | Rule 144A and Regulation S for life
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Marketing: | Quick to market
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Price talk: | 5 7/8% area
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