New Issue: Radio Systems sells $75 million tap of CD&R Smokey Buyer 6¾% notes due 2025 at 106.75

By Paul A. Harris

Portland, Ore., April 29 – Radio Systems Corp. priced a $75 million add-on to the CD&R Smokey Buyer, Inc. 6¾% senior secured notes due July 15, 2025 (B2/B) at 106.75 to yield 4.945% on Thursday, according to a syndicate source.

The issue price came at the rich end of the 106.5 to 106.75 price talk.

UBS Securities LLC was the left lead bookrunner. Joint bookrunners were Fifth Third Securities Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC and Natixis Securities Americas LLC.

Proceeds will be used for general corporate purposes, including an earn out payment in connection with the acquisition of the Knoxville, Tenn.-based designer and distributor of companion pet health and safety products by Clayton, Dubilier & Rice.

Issuer:	CD&R Smokey Buyer, Inc.
Amount:	$75 million
Maturity:	July 15, 2025
Security description:	Add-on to 6¾% senior secured notes due July 15, 2025
Left bookrunner:	UBS Securities LLC
Joint bookrunners:	Fifth Third Securities Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC and Natixis Securities Americas LLC
Coupon:	6¾%
Price:	106.75
Yield to maturity:	4.945%
First call:	July 15, 2022 at 103.375
Trade date:	April 29
Settlement date:	May 5
Ratings:	Moody's: B2
	S&P: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	106.5 to 106.75
Marketing:	Drive-by
Original issue:	$625 million priced in June 2020
Total issue size:	$700 million

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