Innophos starts roadshow for $300 million eight-year notes backing buyout by One Rock

By Paul A. Harris

Portland, Ore., Jan. 28 – Innophos Holdings Inc. started a roadshow on Tuesday for a $300 million offering of eight-year senior notes (Caa1/B-), according to market sources.

Early whisper has the deal coming with a nine-handle yield, according to a trader, meaning that preliminary pricing discussions may be taking place anywhere within the 9% to 9.99% range.

A global investor conference call is set for 12:30 p.m. ET on Wednesday.

The Rule 144A and Regulation S deal is scheduled to price on Feb. 5.

Lead left bookrunner RBC Capital Markets LLC will bill and deliver. KeyBanc Capital Markets Inc. and Barclays are joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

Proceeds will be used to fund the buyout of Innophos, a Cranbury, N.J.-based producer of food additives, by One Rock Capital Partners, LLC, as well as to repay debt.

The issuing entity will be special purpose vehicle Iris Merger Sub 2019, Inc.

Other funding for the buyout includes $540 million of bank debt and $306 million of equity.

© 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.