Interline Brands' eight-year note offering upsized to $300 million, talked with 7%-7¼% yield

By Paul A. Harris

St. Louis, Nov. 3 - Interline Brands, Inc. upsized its offering of eight-year senior subordinated notes to $300 million from $275 million and talked the notes with a 7% to 7¼% yield on Wednesday, according to an informed source.

The deal is expected to price on Thursday.

Barclays Capital Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

BB&T Capital Markets, Goldman Sachs & Co., Lazard Capital Markets, SunTrust Robinson Humphrey Inc. and USB Investment Bank are the co-managers.

The bonds come with three years of call protection, with the first call price at par plus three-quarters of the coupon.

Covenants will be substantially similar to those covering its existing 8 1/8% senior subordinated notes due 2014.

The Jacksonville, Fla.-based janitorial supplies and maintenance services company plans to use the proceeds, along with cash on hand, to fund its previously announced tender offer for those 8 1/8% notes due 2014 and to repay existing credit facility debt.

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