By Paul A. Harris
Portland, Ore., Feb. 27 - Associated Asphalt Partners, LLC priced a $185 million issue of 8½% five-year senior secured notes (Caa1/B-/) at par to yield 8.502% on Wednesday, according to an informed source.
The yield printed at the tight end of the 8½% to 8¾% yield talk.
Goldman Sachs & Co. was the left bookrunner for the issue, which was upsized from $175 million.
KeyBanc Capital Markets, SunTrust Robinson Humphrey Inc. and J.P. Morgan Securities LLC were the joint bookrunners.
The Roanoke, Va.-based supplier of liquid asphalt to the paving industry plans to use the proceeds to repay bank debt.
| Issuer: | Associated Asphalt Partners, LLC
|
| Amount: | $185 million, increased from $175 million
|
| Maturity: | Feb. 15, 2018
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | KeyBanc Capital Markets, SunTrust Robinson Humphrey Inc., J.P. Morgan Securities LLC
|
| Co-managers: | Nomura, Fifth Third Securities
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8.502%
|
| First call: | Feb. 15, 2015 at 106.375
|
| Trade date: | Feb. 27
|
| Settlement date: | March 8
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 8½% to 8¾%
|
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