By Paul A. Harris
St. Louis, Oct. 28 - Ready Mixed Concrete Co. sold $150 million of eight-year senior subordinated notes (Caa1/CCC+) at par on Thursday to yield 9½%, according to market sources.
The notes priced at the wide end of the 9¼% to 9½% price talk.
JP Morgan ran the books for the Rule 144A issue. Jefferies & Co. was the co-manager.
Proceeds will be used to help fund Audax Private Equity's leveraged buyout of the firm from RMC Industries.
The issuer is an Escondido, Calif.-based producer of ready-mixed concrete.
| Issuer: | Ready Mixed Concrete Co.
|
| Amount: | $150 million
|
| Maturity: | Nov. 1, 2012
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | JP Morgan
|
| Co-manager: | Jefferies & Co.
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 561 basis points
|
| Call features: | Callable after Nov. 1, 2008 at 104.75, 102.375, par on or after Nov. 1, 2010
|
| Equity clawback: | Until Nov. 1, 2007 for 35% at 109.50
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 8
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | 9¼%-9½%
|
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