By Paul A. Harris
Portland, Ore., Oct. 22 – J.B. Poindexter & Co., Inc. priced an upsized $200 million add-on to its 7 1/8% senior notes due April 15, 2026 (existing ratings B2/B+) at 105.5 to yield 5.932% in a Wednesday drive-by, according to market sources.
The tap size increased from $150 million.
The issue price came at the rich end of the 105 to 105.5 price talk. Initial talk was 104.75 to 105.25.
J.P. Morgan Securities LLC was the lead.
The Houston-based privately held, diversified manufacturing company plans to use the proceeds to invest in plant expansions, product development and strategic acquisitions and for general corporate purposes.
| Issuer: | J.B. Poindexter & Co., Inc.
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| Amount: | $200 million, increased from $150 million
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| Maturity: | April 15, 2026
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| Security description: | Add-on to 7 1/8% senior notes due April 15, 2026
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| Lead: | J.P. Morgan Securities LLC
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| Coupon: | 7 1/8%
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| Price: | 105.5
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| Yield: | 5.932%
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| First call date: | April 15, 2021
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| Trade date: | Oct. 21
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| Existing ratings: | Moody's: B2
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 105 to 105.5
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| Marketing: | Drive-by
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| Original issue: | $350 million priced in April 2018
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| Fungibility: | The add-on notes will become fungible with the original notes
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