ABC Supply to sell $700 million secured notes in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Oct. 23 – American Builders & Contractors Supply Co., Inc. plans to price a $700 million offering of senior secured notes due Jan. 15, 2028 in a quick-to-market Wednesday trade following a late-morning conference call with investors, according to a syndicate source.

BofA Securities Inc., RBC Capital Markets LLC and BNP Paribas Securities Corp. are the joint bookrunners. U.S. Bancorp Investments Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the senior co-managers. Citizens Bank and Regions Bank are the co-managers.

The Rule 144A and Regulation S for life notes become callable after Jan. 15, 2023. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Beloit, Wis.-based distributor of roofing supplies and exterior building products plans to use the proceeds to redeem all of its outstanding 2023 notes and repay certain borrowings under its term loan.

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