New Issue: American Woodmark prices $350 million 4 7/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., Jan. 31 – American Woodmark Corp. priced a $350 million issue of eight-year senior notes (Ba3/BB) at par to yield 4 7/8% on Wednesday, according to a syndicate source.

The yield printed at the tight end of yield talk in the 5% area.

Wells Fargo Securities LLC was the active bookrunner.

The Winchester, Va.-based manufacturer of interior furnishings plans to use the proceeds to partially refinance RSI Home Products Inc.’s existing 6½% senior secured second-lien notes due 2023 in connection with the late 2017 merger of American Woodmark and RSI.

Issuer:	American Woodmark Corp.
Amount:	$350 million
Maturity:	March 15, 2026
Securities:	Senior notes
Bookrunner:	Wells Fargo Securities LLC
Co-managers:	BMO Capital Markets Corp., Citizens Capital Markets Inc., SunTrust Robinson Humphrey Inc., BBVA Securities Inc., Capital One Securities Inc., Fifth Third Securities Inc., MUFG, PNC Capital Markets LLC, Regions Securities LLC, U.S. Bancorp Investments Inc.
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	216 bps
First call:	Make-whole call at Treasuries plus 50 bps until March 15, 2021, then callable at 102.438
Trade date:	Jan. 31
Settlement date:	Feb. 12
Ratings:	Moody's: Ba3
	S&P: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	5% area
Marketing:	Quick to market

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