By Paul A. Harris
St. Louis, Sept. 15 - Armtec Holdings, Ltd. priced a C$150 million issue of seven-year senior unsecured notes (/B//DBRS: BB) at par to yield 8 7/8% on Wednesday, according to informed sources.
The yield printed on top of the price talk.
Scotia Capital and TD Securities were the joint bookrunners. RBC Capital Markets was the co-manager.
Proceeds will be used for general corporate purposes and to repay Armtec group debt, including a portion of its senior secured debt.
The issuer is an indirect wholly owned subsidiary of Armtec Infrastructure Income Fund, a Guelph, Ont.-based manufacturer and marketer of industrial infrastructure products and engineered construction solutions.
| Issuer: | Armtec Holdings, Ltd.
|
| Amount: | C$150 million
|
| Maturity: | Sept. 22, 2017
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Scotia Capital, TD Securities
|
| Co-manager: | RBC Capital Markets
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Spread: | 635.4 bps
|
| Call protection: | Three years
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Ratings: | Standard & Poor's: B
|
| DBRS: BB
|
| Price talk: | 8 7/8% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
