New Issue: Interline Brands upsizes to $300 million, sells eight-year notes at par to yield 7%

By Paul A. Harris

St. Louis, Nov. 4 - Interline Brands, Inc. priced an upsized $300 million issue of eight-year senior subordinated notes (B2/BB-/) at par to yield 7% on Thursday, according to an informed source.

The yield printed at the tight end of the 7% to 7¼% price talk.

Barclays Capital Inc. and J.P. Morgan Securities LLC were the bookrunners for the issue, which was upsized from $275 million.

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

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

Issuer:	Interline Brands, Inc.
Amount:	$300 million, increased from $275 million
Maturity:	Nov. 15, 2018
Securities:	Senior subordinated notes
Bookrunners:	Barclays Capital Inc., J.P. Morgan Securities LLC
Co-managers:	BB&T Capital Markets, Goldman Sachs & Co., Lazard Capital Markets, SunTrust Robinson Humphrey Inc., USB Investment Bank
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	503 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Nov. 15, 2013, then callable at 105.25, 103.50, 101.75, par on and after Nov. 15, 2016
Equity clawback:	35% at 107.0 until Nov. 15, 2013
Trade date:	Nov. 4
Settlement date:	Nov. 16
Ratings:	Moody's: B2
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7% to 7¼%
Marketing:	Roadshow

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