Published on 4/1/2021 in the Prospect News High Yield Daily.
New Issue: Ingram Micro sells $2 billion 4¾% eight-year secured notes at par
By Paul A. Harris
Portland, Ore., April 1 – Ingram Micro Inc. priced a $2 billion issue of eight-year senior secured notes (B1/BB-/BB) at par to yield 4¾% on Thursday, according to market sources.
The yield printed in the middle of yield talk in the 4¾% area and tight to early guidance in the high 4% area.
The notes were trading at par ½ bid, 101 offered, pretty well bid, indicating that the deal saw decent or better demand, a trader said late Thursday afternoon.
BofA Securities Inc. was at the left of a syndicate of bookrunners that also included J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., MUFG, PNC Capital Markets LLC, Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., ING Financial Markets LLC, SG Americas Securities LLC and Stifel Nicolaus & Co. Inc.
Proceeds plus cash on hand, an equity investment and certain borrowings under new credit facilities will be used to help fund the acquisition of Ingram Micro by Platinum Equity and to fund refinancing.
Ingram Micro is an Irvine, Calif.-based distributor of information technology products and services.
| Issuer: | Imola Merger Corp.
|
| Amount: | $2 billion
|
| Maturity: | May 15, 2029
|
| Securities: | Senior secured notes
|
| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., MUFG, PNC Capital Markets LLC, Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., ING Financial Markets LLC, SG Americas Securities LLC and Stifel Nicolaus & Co. Inc.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 323 bps
|
| First call: | May 15, 2024 at 102.375
|
| Equity clawback: | 40% at 104.75 until May 15, 2024
|
| Trade date: | April 1
|
| Settlement date: | April 22
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% area
|
| Marketing: | Roadshow
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
