By Paul A. Harris
St. Louis, Nov. 21 - Metals USA Inc. priced a restructured $275 million issue of 10-year senior secured fixed-rate notes (B3/B-) at par on Monday to yield 11 1/8%, according to market sources.
The yield came in the middle of the 11% to 11¼% price talk.
Credit Suisse First Boston and CIBC World Markets ran the books for the Rule 144A with registration rights issue.
Proceeds will be used to fund the leveraged buyout of the company by Apollo Management.
Metals USA is a manufacturer and processor of metal components, with headquarters in Houston.
| Issuer: | Metals USA Inc.
|
| Amount: | $275 million
|
| Maturity: | Dec. 1, 2015
|
| Security description: | Senior secured fixed-rate notes (floating-rate note tranche dropped)
|
| Bookrunners: | Credit Suisse First Boston, CIBC World Markets
|
| Coupon: | 11 1/8%
|
| Price: | Par
|
| Yield: | 11 1/8%
|
| Spread: | 667 basis points
|
| Trade date: | Nov. 21
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 11% to 11¼%
|
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