Innophos talks downsized $275 million eight-year notes at 9¼%-9½%

By Paul A. Harris

Portland, Ore., Feb. 3 – Innophos Holdings Inc. downsized its offering of eight-year senior notes (Caa1/B-) to $275 million from $300 million, shifting $25 million of proceeds to its concurrent bank loan, according to market sources.

The notes are talked to yield 9¼% to 9½%, toward the tight end of the earlier 9%-handle guidance.

Books were scheduled to close on Monday, except for accounts meeting with the company on that day, for whom books remain open until 11 a.m. ET on Tuesday.

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.

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